European shares rise as telcos, miners gain

European shares rise as telcos, miners gain

London: European shares edged higher on Wednesday after notching up their biggest one-day gain in 4-1/2 months in the previous session, with telecommunication and mining stocks featuring among the biggest gainers.

By 1:44pm, the pan-European FTSEurofirst 300 index of top shares was up 0.2% at 1,012.66 points.

Investors awaited the US ADP Employment report, due at 6:45pm. Economists in a Reuters survey expected a loss of 155,000 jobs versus an October job loss of 203,000.

“With the ADP report, it is going to be fascinating to see if the level of unemployment is continuing to increase or if there are any signs it is bottoming out," said Justin Urquhart Stewart, director at Seven Investment Management.

“The expectation is that is going to be weak so any improvement will be an encouraging sign."

Telecommunication stocks featured among the biggest risers. Nokia gained 1.5%, while Vodafone was up 1.8%.

Miners were higher as gold surged to an all-time high above $1,200 an ounce.

Anglo American, Antofagasta, BHP Billiton, Eurasian Natural Resources Corporation, Rio Tinto and Xstrata gained 0.5 to 2%.