LONDON, April 19 Merger activity in the mining
sector helped European shares stage a small rebound on Friday,
but a regional benchmark recorded its worst weekly loss since
November as the economic outlook deteriorated.
Kazakh miner Eurasian Natural Resources Corporation
soared 26.2 percent after a co-founder and key shareholder in
the group said he was looking to form a takeover bid consortium.
ENRC's stock topped the pan-European FTSEurofirst 300 index
, which provisionally closed 0.5 percent higher at
The index was down 2.5 percent for the week, which was
marred by weaker economic data from Europe's growth powerhouse,
Germany, as well as yet more forecast-lagging data from the
M.M. Warburg has reduced its tactical allocation to European
shares to a small underweight by selling futures on key indexes
as well as shares in cyclical and financial sectors.
"If the trend in economic data goes on we might consider even
going slightly underweight in total," Matthias Thiel, market
strategist at Warburg, said.