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European shares rise early on Lehman anniversary

Published 09/15/2009, 03:16 AM
Updated 09/15/2009, 03:18 AM
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FRANKFURT, Sept 15 (Reuters) - European shares rose in early trade on Tuesday after dropping from an 11-month high in the previous session, as miners boosted the leading index on the day marking the one-year anniversary of the Lehman Brothers collapse.

At 0708 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 992.40 points.

The index has gained 19.4 percent in 2009, soaring 54 percent since hitting a record-low in March, but is still down 14.5 percent from its level in mid-September 2008 before the collapse of Lehman Brothers, once the fourth-largest U.S. investment bank.

Mining stocks advanced, with the DJ STOXX European Basic Resources Index rising 1.1 percent.

Anglo American, Antofagasta, Rio Tinto and Xstrata were all up 0.1 to 1.4 percent.

"Generally, the recovery has been a bit quick and valuations are no longer attractive but have rather become appropriate," Commerzbank's chief strategist, Hans-Juergen Delp, said.

Across Europe, Britain's FTSE 100, Germany's DAX and France's CAC 40 gained 0.1-0.3 percent.

(Reporting by Christoph Steitz)

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