European Stocks Inch Higher in Thin Trading as Miners Advanceby
European stocks edged up amid thin trading as U.K. markets reopened higher after the holidays, led by commodity producers.
The Stoxx Europe 600 Index added 0.3 percent, with volume of 46 percent lower than the 30-day average. Reduced trading can exacerbate price swings. European markets were closed Monday, while Britain’s resumed trading after closing early last Friday.
- Stoxx 600 miners led gains, rising the most in three weeks and offsetting declines in defensive sectors. An increase in natural resources companies helped the FTSE 100 Index rise 0.5 percent to close at an all-time high.
- The VStoxx Index of euro-area share swings rose 2.1 percent, climbing for a fourth day in its longest advancing streak since November.
- Fresnillo Plc and Randgold Resources Ltd. rose more than 4.8 percent in U.K. trading. Miners have been the top performers in the Stoxx 600 this year, up 63 percent. Rallies in metal prices boosted the shares, and analysts predict more profit gains in 2017.
- Strategists expect the Stoxx 600 to end 2017 at 366, 1.2 percent higher than Wednesday’s close, according to the average of nine estimates compiled by Bloomberg.
- About 12 percent of Stoxx 600 members are in overbought territory, according to data compiled by Bloomberg.