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European stocks are rising supported by strong gains for mining companies

UNITED KINGDOM (OBSERVATORY) –¬†European shares rose to a seven-week high on Wednesday, supported by welcome corporate results and gains from mining stocks after a jump in metal prices.

The European Stoxx 600 ended the session up 0.3 percent. The rise in the index-linked sectors contributed most of the index’s gains.

The core resources sector index, which includes major mining companies such as Glencore, rose 4.4 percent, its biggest one-day gain since the US presidential election in November 2016.

Of the mining companies, Glencore jumped 7.7 percent, while Orubis climbed 6.6 percent and Rio Tinto rose 5.4 percent.

In Europe’s main bourses, Britain’s FTSE closed 1.26 percent higher, while France’s CAC rose 0.5 percent and Germany’s DAX gained 0.04 percent.

On the Milan Stock Exchange, Italy’s main stock index rose 0.5 percent after President Sergio Mattarella asked Senate President Maria Casillas to meet with rival political parties to find out the possibility of forming a government following inconclusive elections six weeks ago.