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European shares hit six-month high after Fed

Published 11/04/2010, 04:18 AM
Updated 11/04/2010, 04:20 AM

LONDON, Nov 4 (Reuters) - European shares rose on Thursday to their highest level since April after the U.S. Federal Reserve unveiled a plan to buy assets, whileBHP Billiton jumped after Canada blocks its Potash bid.

By 0811 GMT, the pan-European FTSEurofirst 300 index of top shares was 1.4 percent higher at 1,104.13 points, trading above the 1,100-mark for the first time since late April.

"Consensus beating results continue to be supportive to the market along with the fact authorities seem to be ready willing and able to support the economic recovery, which is good news," Henk Potts, equity strategist at Barclays Wealth, said.

Commodity stocks were given a boost on hopes the Fed stimulus plan would spur global recovery, with crude and metal prices ticking higher. BHP Billiton gained 4.5 percent after Canada blocked BHP's audacious $39 billion bid for Potash Corp . (Reporting by Joanne Frearson)

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