November 16, 2016 / 8:25 AM / 3 years ago

European shares up for third straight session as commodities gain

LONDON, Nov 16 (Reuters) - European shares rose in early deals on Wednesday, underpinned by a rally among commodity-related stocks as well as gains in companies such as Wire Card and Bouygues.

The STOXX 600 index climbed 0.6 percent, on track for its third straight session of gains.

The basic resources index was the top sectoral gainer, rebounding nearly 2 percent after a sell-off in the previous session, while oil stocks extended their rally, up 1 percent as the price of oil firmed on hopes of an OPEC output deal.

Among the top risers, German payment processor Wirecard rose 3.3 percent after issuing guidance for 2017, while France’s Bouygues also rose 3.3 percent after maintaining its outlook following a forecast-beating rise in third quarter operating profit.

A 5.2 percent fall in Bayer, however, weighed on Germany’s DAX index, which traded flat and underperformed the broader European market.

The drugmarker fell after a placement of 4 billion euros of mandatory convertible notes. (Reporting by Kit Rees)

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