Business | Markets
European shares rise sharply led by banks and energy sector
Smiles returned as European shares opened sharply higher on Tuesday, with banks stocks continuing to cheer sector rescue packages and energy stocks rallying on higher crude oil prices.
- Agencies
- Published: 11:51 October 14, 2008
Frankfurt: Smiles returned as European shares opened sharply higher on Tuesday, with banks stocks continuing to cheer sector rescue packages and energy stocks rallying on higher crude oil prices.
U.S. stock markets posted double-digit percentage gains overnight and Asian equity markets rose strongly on Tuesday.
Banks were the top weighted gainers, with Royal Bank of Scotland (RBS) and Societe Generale both up by more than 10 per cent, UBS rising 9 per cent and Barclays also 9 per cent higher.
Crude oil rose by more than 2.5 per cent to over $83 a barrel, lifting the DJ Stoxx oil & gas index by 6 per cent. In the heavyweight sector, BP was up 7 per cent, Royal Dutch Shell and ENI climbed 5.5 per cent and Total gained 4.5 per cent.
Britain's FTSE 100 rose 4.3 per cent, the French CAC 40 advanced 4.6 per cent and Germany's DAX was up 3.6 per cent.
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