7 May 2009

European shares continue to rise

7:12 am on 7 May 2009

European shares rose to their highest close in nearly four months on Wednesday.

Banks and commodity stocks led the rise, which was buoyed by data showing slower job losses in the United States.

According to a report by ADP Employer Services, private employers cut 491,000 jobs in April versus 708,000 in March.

The FTSEurofirst 300 index of top European shares rose 1.4% to 858.55 points, its highest close since 9 January. The index gained for the sixth consecutive day.

In Frankfurt, the DAX index ended at 4,880.71 points, up 27.68 or 0.57%. In Paris, the CAC-40 index closed at 3,283.51 points, up 58.51 or 1.81%.

The Swiss market index closed at 5,319.26 points, up 38.33 or 0.73%.

In London, the FTSE 100 closed at 4,396.49 points, up 59.55 or 1.37% - its highest closing level in nearly four months.

Other markets

Financial markets in Japan remain closed for a series of national holidays. Last Friday the Nikkei rose 149.11 points to 8,977.37, its highest finish since 7 January.

In Hong Kong , the Hang Seng Index finished 404.49 points higher, 2.5%, at 16,834.57 - its best closing level since early January.

In Australia, the SP/ASX 200 index lost 23.3 points, 0.6%, to close at 3,867.1. The All Ordinaries was down 22.1 points, or 0.57%, at 3840.1.

In New Zealand, the NZX50 rose 12 points to 2831 on a turnover of $90 million.