Europe: Shares steady in early trading, miners advance

European shares steadied in early trading on Monday after steep losses in the previous week, with some encouraging company updates and stronger mining stocks underpinning the market. 

PHOTO: EPA

FEB 8, 20164:48 PM

[LONDON] European shares steadied in early trading on Monday after steep losses in the previous week, with some encouraging company updates and stronger mining stocks underpinning the market.

Miners were in demand after aluminium prices rose 0.7 per cent and copper trimmed losses. The STOXX Europe 600 Basic Resources index - which houses major mining stocks - advanced 1 per cent, the top sectoral gainer.

Casino shares rose 5 per cent after the French retailer said it had agreed to sell its majority stake in Thai hypermarket operator Big C Super center for 3.1 billion euros excluding debt to Thailand's TCC Group.

By 0814 GMT, the pan-European FTSEurofirst 300 index was flat in per centage terms at 1,283.17 points, after falling 4.8 per cent last week. The broader STOXX Europe 600 index was also flat.

REUTERS