European benchmarks rose Tuesday following strong gains across the banking and the resources sectors.
The FTSE 100 in London was among the biggest gainers just more than an hour out from the close, up 0.91%, to 7,447. Gains for the mid-market FTSE 250 index were more muted, up 0.25%, at 19,664.
This is while the DAX added 0.52% to 12,271 in Frankfurt and the CAC 40 gained 0.89% in Paris, to 5,171. Benchmarks in Southern Europe were also buoyant, with the IBEX in Madrid rising in excess of 1% and the FTSE MIB in Milan up more than 0.50%.
In individual stocks, miners such as Antofagasta (ANFGY) , Anglo American (NGLOY) , Glencore (GLNCF) and BHP Billiton (BHP) all cluttered the upper ranks of the FTSE in London, with a weaker dollar pushing them all to gains that ranged between 3.5% and 6.5%.
On the downside, the index was held back by another 5% loss for Provident Financial after the near-prime credit lender failed to offset concerns over short-term growth.
It revised full year profit before tax guidance lower from its earlier level and reported an increase in impairments in its home credit division for the first time since 2008. The stock was down close to 6% in the final hour of trading, bringing losses in the last three months alone to more than 35%.
Banks were big risers across the board, most notably, in France and Germany after Greece made a successful return to the bond market and the monthly German IfO survey showed confidence among German businesses improving at a rapid clip. Credit Agricole (CRARY) and Societe Generale (SCGLY) topped the board in Paris, with gains of more than 2% each, while Deutsche Bank (DB - Get Report) and Commerzbank (CRZBY) led the way in Frankfurt.
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