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European stocks advanced, paring their biggest weekly decline since November, as the region’s commodity producers rebounded from a 3 1/2-year low.
National benchmark indexes climbed in 15 of the 18 western- European markets. The U.K.’s FTSE 100 rose 0.7 percent, while France’s CAC 40 climbed 1.5 percent. Germany’s DAX retreated 0.2 percent. Italy’s FTSE MIB Index increased 1.8 percent, while Portugal’s PSI 20 Index jumped 2.6 percent.
ENRC surged 27 percent to 291 pence after Alexander Machkevitch said he may form a consortium with fellow shareholders Alijan Ibragimov, Patokh Chodiev and the Kazakh government to make an offer for ENRC.
Kazakhmys Plc, which owns a 26 percent stake in ENRC, soared 24 percent to 385.7 pence.
Anglo American Plc gained 2.2 percent to 1,596.5 pence after reporting that first-quarter production at its Kumba Iron Ore Ltd. unit in South Africa increased 2 percent from a year earlier. The metal producer also said that its output of metallurgical coal for export rose 23 percent, while copper production climbed 1 percent.
L’Oreal gained 4.3 percent to 126.40 euros in Paris after the world’s largest cosmetics maker reported a 5.1 percent increase in first-quarter revenue to 5.93 billion euros ($7.8 billion) as demand for luxury brands helped counter weakness in professional products. The average of six estimates compiled by Bloomberg had called for sales of 5.85 billion euros.
LVMH Moet Hennessy Louis Vuitton SA rose 2.1 percent to 123.30 euros after Goldman Sachs Group Inc. added the luxury- goods maker to its conviction buy list, saying the stock’s underperformance presented an opportunity to invest. The shares fell 8 percent from April 15 through yesterday after the company reported the slowest growth in sales of fashion and leather products since 2009.
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