Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    Tourism Development Fund launches "Tourism Empowerment" programs to enhance sustainable growth of SMEs    Saudi crown prince, Tunisian president review bilateral relations in phone call    SFDA Chief visits premier biotechnology and medical firms in China    Al-Khereiji: Collective action in combating terrorism is a must for achieving stability and prosperity    Saudi Awwal Bank becomes the Kingdom's first bank obtaining ISO certification for quality management system in operations    Spanish flood rescuers focus search on underground car parks    10 cooperation agreements signed during Saudi-Turkish Business Forum in Istanbul    Saudi Arabia's non-oil revenues grow 6% in 9 months while Q3 budget posts SR30 billion deficit    Quincy Jones, titan of US music, dies aged 91    Domestic violence should not be taboo subject, says Queen Camilla    Slavery reparations not about transfer of cash, says UK's Lammy    Pro-EU leader claims Moldova victory despite alleged Russian meddling    Enhancing zakat, tax, and customs compliance takes center stage at the Zakat, Tax, and Customs Conference 2024    Neymar expected to join Al Hilal squad for AFC clash against Esteghlal, says coach Jesus    Al Qadsiah secure 2-0 victory over Al Ettifaq in first Eastern Derby since 2021    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



European stocks rise on boost to mining stocks
Published in Saudi Press Agency on 21 - 02 - 2008


European stocks rose Thursday as the mining
sector led the advance on soaring metals prices and
investors turned to commodities amid worries about an
economic slowdown.
«Commodities are an inflation hedge in a trend of
negative (macro) surprises coming out of the U.S. which are
pointing to further weakness ahead,» said Kenneth Broux,
an economist at Lloyds TSB. «Commodities prices will rise
as long as inflation doesn't slow down.»
Steelmaker ArcelorMittal also boosted commodity stocks
when it announced a price increase in steel due to rising
iron ore costs.
The Dow Jones Stoxx 600 Index inched up 0.7 percent to
322.43. The U.K.'s FTSE 100 Index rose 0.7 percent to
5932.20, while France's CAC-40 Index closed 1 percent
higher at 4858.85. Germany's DAX Index finished up 0.1
percent at 6904.85.
The DJ Stoxx Basic Resources sector climbed 2.8 percent to
721.35. Spot gold and platinum hit new record highs and
silver rose to its highest point since 1980. Copper and
other base metals rose with analysts expecting fresh highs
in the near term.
France's Eramet surged 11.9 percent, Sweden's SSAB soared
7.1 percent and Boliden was up 5.3 percent. BHP Billiton
gained 2.1 percent and Rio Tinto added 1.8 percent.
ArcelorMittal, the world's largest steelmaker, announced a
further ¤40 (US$58.94) per metric ton price increase for
its European flat carbon steel products, due to rising
costs of iron ore and other raw materials used to produce
steel. Shares jumped 4.4 percent.
Eyes were on earnings from French bank Societe Generale,
which posted a fourth-quarter loss on the back of an
alleged fraud scandal and warned of possible further
write-downs in the first quarter of 2008. The stock was
down 2 percent.
Meanwhile, Swiss counterpart UBS said it has paved the way
for faster boardroom changes, bowing to shareholder
pressure over its subprime troubles, but stopped short of
replacing key staff as some had hoped. Shares edged up 0.1
percent.
Shares of Anglo-Dutch publisher Reed Elsevier soared 7.5
percent after it said it would sell its business publishing
unit and agreed to buy Atlanta-based risk management
specialist ChoicePoint.
The U.K.'s BAE Systems reported a higher 2007 underlying
pretax profit helped by its expanding U.S. operations, and
shares gained 1.3 percent.
Shares of Nestle rose 3.5 percent after the world's
largest food and drink company delivered a 16 percent rise
in full-year net profit.
Allianz, Europe's largest primary insurer by gross
premiums, reported a 52 percent decline in fourth-quarter
net profit, but increased its dividend by 45 percent.
Shares closed 0.8 percent higher.
Shares of Dutch navigation solutions provider TomTom slid
9.3 percent despite a 33 percent rise in fourth-quarter net
profit on what analysts said was a conservative 2008
outlook.
German auto supplier Continental said fourth-quarter
earnings before interest and taxes, or Ebit, were up 3.4
percent amid higher global auto production and improved
efficiency. Shares climbed 3.6 percent.
Chemicals company BASF unveiled an 8 percent rise in
fourth-quarter net profit and announced plans to raise its
dividend by 30 percent, and its stock slipped 1.8 percent.
Swiss drug maker Actelion reported a 28 percent rise in
fourth-quarter net profit, and gave a positive outlook for
2008. Shares lost 2.8 percent.


Clic here to read the story from its source.