November 22, 2016 / 8:40 AM / 2 years ago

Rally in metals, mining shares boosts European indices

LONDON, Nov 22 (Reuters) - Metals and mining shares climbed 3 percent on Tuesday underpinning a firm open for Europe’s benchmark stock index as the global reflation trade in the wake of Donald Trump’s victory in the U.S. presidential election continued.

The pan-European STOXX 600 index rose 0.7 percent in early trades. The index is still down about 6 percent so far this year.

In the United States, all three major stock indexes set record closing highs on Monday. Small caps also rose, pushing the Russell 2000 index to a record high close, with the session marking the first time all four indexes hit closing records on the same day since Dec. 31, 1999.

The European basic resources index, which has now doubled from its January lows, was the best performing sector index after prices of major industrial metals such as copper and aluminum rose 1 to 2 percent. Anglo American, BHP Billiton and Antofagasta advanced 4.0 to 5.3 percent.

The STOXX Europe 600 Oil and Gas index was up 1 percent.

Elsewhere, Genmab rose 4.8 percent after the company received U.S. approval for a drug while Essilor shares were poised for their worst day in eight years after the firm cut its outlook. (Reporting by Atul Prakash, Editing by Vikram Subhedar)

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