April 7, 2008 / 3:37 PM / 12 years ago

European shares rise with miners and banks

FRANKFURT (Reuters) - European shares advanced on Monday, adding to last week’s gains, led by financials such as Swiss bank UBS UBSN.VX and mining stocks, which gained on the back of higher metals prices and an upbeat analyst note.

The FTSEurofirst 300 index .FTEU3 of top European shares closed unofficially 0.7 percent higher at 1,328.19 points, having risen by more than 4 percent last week.

Anglo American (AAL.L) climbed 4.1 percent and BHP Billiton BLT.L put on almost 4 percent, making the DJ Stoxx European basic resources index .SXPP the day’s top sectoral performer with a rise of close to 3 percent.

Goldman Sachs added Anglo American to its “conviction buy” list and upgraded the European metals and mining sector to “attractive” from “neutral”.

UBS rose 5.8 percent amid speculation that shareholder pressure may speed up the pace of reform at the bank, which has been hit hard by asset writedowns.

Societe Generale and Merrill Lynch upgraded their ratings for the European banking sector, and Merrill also raised its recommendation on UBS to “buy” from “neutral”, traders said.

Reporting by Peter Starck

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