European shares rally in late trade, up 8.8 percent

FRANKFURT, Oct 13 (Reuters) - European shares rallied further in late trading on Monday, adding nearly 9 percent to more than wipe out all of the previous session's losses.

At 1505 GMT the FTSEurofirst 300 .FTEU3 index of leading European shares was up 8.8 percent at 925.77 points. It fell 7.6 percent on Friday for a total loss of 22 percent last week.

Financials .SX7P .SXIP .SXFP led the charge, drawing strength from multi-billion measures agreed by governments and central banks over the weekend to breathe new life into frozen credit markets.

Credit Suisse (CSGN.VX) was up 23 percent and ING Groep (ING.AS) rose 18 percent.

Higher commodities prices lifted basic resources .SXPP, a sector which includes mining companies, as well as oil & gas .SXEP. (Reporting by Peter Starck)