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Tuesday 06th of July 2010
April 7, 2008    

European shares rise in early trading

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by Kay Murchie

This morning, European shares rose in early trading. At 8:17 am, the FTSEurofirst 300 index of top European shares was up 0.6% at 1,325.91 points.

British Energy rose on bid rumours while mining stocks increased on higher metal prices and bullish brokerage comment.

Anglo American, Antofagasta, BHP Billiton, Vedanta, Kazakhmys and Rio Tinto all increased between 2 and 4% as the sector was driven by a positive note from Goldman Sachs.

Swiss investment bank UBS increased 4.3% following a Merrill Lynch upgrade. Over the weekend, the bank has been under pressure as its former chief executive is calling for a break-up of the group. The Swiss banking giant has been the biggest casualty of the credit squeeze.

Shares in British Energy increased 3.5% after a report Centrica had launched negotiations with France’s EDF over a joint bid for it.

There is speculation that Nestlé will increase its stake in L’Oreal resulting in a 4.4% rise in the cosmetcs company.

Finally, Nestlé increased 3.3% after Novartis AG agreed to buy its 77% stake in US company Alcon for $39 billion to improve its eye care business.

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