Europe Shares Close Higher on Mining Rebound
European shares closed higher on Friday, helped by a rally in mining stocks, but down on the week as investor concerns about the world economic outlook continue.
The pan-European FTSEurofirst 300 Index closed provisionally up 0.5 percent on the day at 1,152.56 points, but recorded its worst weekly loss since November. The index closed 2.5 percent down on the week.
The basic resources sector saw a broad rally on Friday, with miners staging something of a bounce back from the recent sell-off in commodities. The sector was also boosted by news that key shareholders at ENRC are considering a buyout of the troubled Kazakh miner. ENRC gained massively on the news, closing 26.6 percent higher and leading the FTSE 100 and the FTSEurofirst 300.
Banks were the best performing sector however on Friday, up 1.61 percent after the previous session's broad sell-off.