February 10, 2017 / 8:40 AM / 7 months ago

European shares up on results, M&A

MILAN, Feb 10 (Reuters) - European shares were poised to end the week higher and rose to within striking distance of last month’s peaks as healthy earnings, continued strength in the mining sector and corporate deal-making kept investors hooked.

The pan-European STOXX 600 index rose 0.3 percent to its highest level since Jan. 26, while UK’s FTSE and Germany’s DAX both climbed 0.5 percent.

The STOXX 600 Basic Resources index rose 1.9 percent, topping sectoral gainers, as copper was supported by supply concerns and Chinese trade data that underscored stronger demand prospects for the metal.

The index was also lifted by ArcelorMittal shares, which rose 3.7 percent after the world’s largest steelmaker posted a higher-than-expected quarterly core profit.

Top STOXX gainer was mining and smelting firm Boliden , up 5.5 percent, after its quarterly profit beat estimates. On the downside, Just Eat tumbled 6.2 percent after CEO David Buttress unexpectedly stepped down.

Reckitt Benckiser rose 1.5 percent after unveiling a deal to buy U.S. infant formula maker Mead Johnson Nutrition for $16.6 billion, its biggest deal ever. (Reporting by Danilo Masoni, Editing by Vikram Subhedar)

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