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28.11.2013 17:21

European stocks close

European stocks rose, extending a third consecutive monthly advance, as Rio Tinto Group and Boliden AB led mining companies higher and banks advanced.

The Stoxx Europe 600 Index advanced 0.4 percent to 325.24 at 4:33 p.m. in London. The gauge has added 0.9 percent in November, heading for the ninth monthly advance of the year.

A European Commission report showed a gauge of economic confidence climbed for a seventh month to 98.5, exceeding the median economist forecast of 98. A separate report today confirmed that consumer confidence in the 17-nation euro area declined in November.

National benchmark indexes rose in 15 of the 18 western-European markets. The U.K.’s FTSE 100 increased 0. percent and France’s CAC 40 rose 0.3 percent. Germany’s DAX added 0.4 percent, extending a record.

Rio added 4.1 percent to 3,267.5 pence. The world’s second-biggest miner plans to increase annual iron-ore production capacity in Western Australia to 360 million metric tons by 2017, up from 290 million tons by the end of June next year, London-based Rio said in a statement.

Boliden, a Swedish copper and zinc producer, rose 5 percent to 95.20 kronor. Morgan Stanley raised its rating on the shares to overweight, similar to a buy recommendation, from equalweight, estimating that mining growth and increasing prices for copper refining will drive the shares higher.

Rio and Boliden’s jumps helped send the Stoxx 600 Basic Resource Index up 2.2 percent today for the biggest gain among 19 industry groups on the broader gauge.

Thomas Cook surged 15 percent to 176.7 pence. Earnings before interest and taxes rose to 263 million pounds ($430 million) in the year ended Sept. 30 from last year’s 177 million pounds, according to a statement today.

A gauge of European banks listed on the Stoxx 600 rose 0.9 percent, the second-largest advance among 19 industry groups. Banco Comercial Portugues SA added 4.7 percent to 12.7 euro cents. Barclays Plc increased 1.2 percent to 265.7 pence, and Commerzbank AG advanced 2.2 percent to 10.77 euros.

Kingfisher Plc declined 4.4 percent to 378.6 pence after Chief Executive Officer Ian Cheshire said consumer confidence in France “is still weak with no obvious signs of an imminent improvement.” Europe’s largest home-improvement retailer also reported same-store sales growth of 0.4 percent for its B&Q chain in the U.K. and Ireland, missing analysts’ estimates. France and the U.K. together accounted for about 81 percent of sales, data compiled by Bloomberg show.

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