Tags: European | Shares | September | 2008

European Shares Hit Highest Close Since Sept. 2008

Monday, 07 Feb 2011 11:42 AM

European shares rose on Monday making their highest close since September 2008, with miners gaining as copper reached record highs on supply concerns and Randgold Resources profits jumped.

The pan-European FTSEurofirst 300 index of top shares provisionally closed up 0.9 percent at 1,175.72 points after ending higher on Friday recovering from a mixed U.S. nonfarm payroll report for January.

"Moving on from where it left off last week, I think the equity markets are focusing on the growth that is out there and are being supported by strong earnings," Mike Lenhoff, chief strategist at Brewin Dolphin, said.

"The markets are reluctant to give up any ground and the underlying trend is up."

Miners extended gains from the previous sessions as copper and tin reached record highs on supply concerns.

The STOXX Europe 600 Basic Resources rose 2.2 percent, while Randgold Resources gained 2.4 percent after the gold producer said it would raise its dividend by 18 percent and its full-year profit jumped 43 percent.

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European shares rose on Monday making their highest close since September 2008, with miners gaining as copper reached record highs on supply concerns and Randgold Resources profits jumped.The pan-European FTSEurofirst 300 index of top shares provisionally closed up 0.9...
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