Euroshares open higher, buoyed by Wall St rally overnight; ArcelorMittal shines |
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Wed, 14 Nov 2007 09:05
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LONDON (Thomson Financial) - Europe's leading exchanges rallied in opening trade, buoyed by a strong overnight advance on Wall Street, with ArcelorMittal a leading gainer after it posted strong quarterly results and lifted its dividend.At 8.05 am, the Dow Jones STOXX 50 Index was up 43.62 points, or 1.2 pct at 3,755.49 while the DJ STOXX 600 Index rose 3.89 points, or 1.1 pct to 372.40.Overnight on Wall Street, US stocks ended sharply higher, with the Dow Jones Industrial Average surging over 300 points following reassuring comments from Goldman Sachs on its subprime exposure and strong results and an upbeat outlook from Wal-Mart Stores. A plunge in the price of oil gave investors further incentive to buy.Back in Europe, ArcelorMittal climbed 3.8 pct as strong third quarter results and in-line fourth quarter guidance prompted a rebound in the stock after recent weakness.ArcelorMittal shares hit an all-time high of 58.25 eur just two weeks ago. Since then, the stock is down nearly 16 pct based on yesterday's close of 49.03 eur.ArcelorMittal also said it would raise its dividend by 0.20 usd per share to 1.50 usd, from 1.30 usd previously.Mark.cotton@thomson.commc1/ajbCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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