News Column

European Stocks Hit Fresh Highs, Miners Boosted By Upgrade

May 12, 2014

BRUSSELS (Alliance News) - European stocks rallied on Monday even as Ukraine edged toward chaos as pro-Russian separatists in claimed victory in a secession referendum.

Ukraine's interim president, Oleksandr V. Turchynov, dismissed the weekend vote as a "farce."

The Euro Stoxx 50 index of eurozone bluechip stocks rose 1% to a new six-year peak. The index is up about 3% year-to-date.

The German DAX added 1.2% and the UK'sFTSE 100 gained 0.55%. The French CAC 40 was up 0.37%.

Mining stocks rose following an upgrade by J.P. Morgan Cazenove. The ratings firm's top pick Rio Tinto saw shares jumped 4.5% to lead the FTSE.

In Frankfurt, Sky Deutschland surged 9%. BSkyB said it has initiated preliminary discussions with 21st Century Fox to evaluate the potential acquisition of its pay-TV assets in Germany and Italy.

BskyB lost 2.4% in London.

The US Food and Drug Administration has approved a new drug by Merck that lowers the risk of heart attacks and cardiovascular events associated with peripheral arterial disease in patients who have survived previous heart attacks. Merck shares were still down fractionally.

Drug distributor Celesio, which reported first-quarter results, was down 0.4%.

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Source: Alliance News

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