Europe shares gain for 4th day, hit two-week highs
* FTSEurofirst 300 index up 1.2 pct, hits 2-week high
* Financials gain; Allianz up as earnings beat forecasts
* Commodity shares up; track higher crude, metals prices
* For up-to-the-minute market news, click on [STXNEWS/EU]
By Joanne Frearson
LONDON, Nov 9 (Reuters) - European equities rose for a fourth straight session to hit a two-week high on Monday, led higher by banking and commodity shares, after the Group of 20 pledged to keep the aid flowing until the recovery was assured.
By 0932 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 1.2 percent at 1,004.53 points after touching 1.005.27, its highest level since October 26.
The benchmark index is up nearly 56 percent since reaching a record low in early March, helped in part by better-than-expected corporate results.
"The markets have not been given any excuse to do a lot of correcting. The earnings and economic numbers have been coming through good," said Bernard McAlinden, strategist at NCB Stockbrokers.
"At the G20 meeting, the members agreed to keep the stimulus in place," said McAlinden.
Group of 20 finance ministers and central bankers pledged on Saturday to prepare strategies to end emergency support for their economies, but to keep the aid flowing until recovery was assured. [ID:nL7204184]
Banks added the most points to the index. Societe Generale (SOGN.PA), BNP Paribas (BNPP.PA), Banco Santander (SAN.MC) and Barclays (BARC.L) were up 0.9 to 2.1 percent.
Insurer Allianz (ALVG.DE) jumped 5.1 percent after it posted a forecast-beating 23 percent rise in operating profit in the third quarter, helped by its life-health insurance and financial services business. [ID:nL8291920]
AXA FALLS
On the downside, Europe's second-largest insurer, AXA (AXAF.PA), fell 1 percent after it unveiled a planned $7 billion buy-out of its Asian assets and sale of its Australian assets to local rival AMP Ltd. [ID:nSYD420146]
However, Prudential (PRU.L) was given a boost by the news and gained 4.5 percent as traders said AXA's decision highlighted the value of Pru's own Asian businesses.
Miners were in demand as gold reached another record high. Copper MCU3=LX was up 1.2 percent, aluminium MAL3=LX gained 0.4 percent and nickel MNI3=LX was 0.6 percent higher.
Anglo American (AAL.L), Antofagasta (ANTO.L), BHP Billiton (BLT.L), Eurasian Natural Resources Corp (ENRC.L), Rio Tinto (RIO.L) and Xstrata (XTA.L) were 0.6 to 2.5 percent higher.
Energy stocks were in favour as crude CLc1 rose 1.7 percent. BG Group (BG.L), BP (BP.L), Royal Dutch Shell (RDSa.L) and Total (TOTF.PA) were up 0.9 to 1.1 percent.
On the downside, shares of Eiffage (FOUG.PA) were 1.5 percent lower after the public works group reported lower-than-expected quarterly sales.
"Organic sales are down and we expected a small rise. The order book reveals a strong decline, although not surprising", CM-CIC analysts wrote in a note.
Across Europe, the FTSE 100 .FTSE index was up 0.9 percent, Germany's DAX .GDAXI was 1.2 percent higher and France's CAC 40 .FCHI gained 1.1 percent. (Reporting by Joanne Frearson; Editing by Mike Nesbit)
