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Europe Closes Higher, Boosted by Novartis, BT

Friday, 10 May 2013 | 11:59 AM ET
European Market Closes Higher
Friday, 10 May 2013 | 11:30 AM ET
European shares closed near 5-year highs on Friday.

European shares closed at 5-year highs on Friday, as stocks continued in risk-on mode. The pan-European FTSEurofirst 300 index unofficially closed 0.3 percent higher at 2,781.58 points, its highest level since mid-2008 and up more than 1 percent on the week.


  Name Price   Change %Change Volume
FTSE
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DAX
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CAC 40
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IBEX 35
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Gains were led by pharmaceutical giant Novartis and telecoms firm BT (British Telecom). BT closed over 12 percent higher after posting better-than-expected full-year results and increasing its dividend payments. Novartis soared after it gained U.S. regulatory approval for a drug to treat childhood arthritis.

(Read More: Soccer Wars Heat Up as BT Earnings Beat)

Meanwhile, G7 finance ministers and central bank governors from Canada, France, Germany, Italy, Japan, U.K. and the U.S. met on Friday for a two-day meeting. They are expected to discuss whether central banks can do more to encourage the fragile global recovery.

(Read More: IMF and UK Treasury Go Head-to-Head Over Austerity)

  Price   Change %Change
FTSE
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DAX
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CAC 40
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FTSE EUR 300
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BT.A
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FTSE MIB
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NOVN
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