European shares post best weekly rise in a year

European shares ended up yesterday in a volatile session, led by a rally in mining shares and UBS, which is under pressure to break up, while a surprisingly large fall in US jobs data tempered gains.

The FTSEurofirst 300 index of top European shares ended up 0.4 per cent at a provisional 1,317.12 points, having swung between gains of 0.8 per cent and losses of 0.5 per cent.

The gains for the week in the index were 4.1 per cent, making this its strongest weekly performance in over a year.

UBS was among the top individual gainers, rising by more than three per cent, after former chief executive Luqman Arnold pushed to have the Swiss bank broken up.

Around Europe, London's FTSE 100 index was up nearly one per cent, while Frankfurt's DAX and Paris' CAC 40 both gained 0.3 per cent.

Here is how major stock markets outside the US ended yesterday. Britain's FTSE 100 index rose one per cent, as bid talk boosted British Energy, but banks capped gains and surprisingly weak US jobs data signalled more cracks in a struggling US economy.

British Energy jumped 7.3 per cent after France's La Tribune website said that EDF's board had given the go ahead to launch a takeover bid for the UK firm.

The FTSE 100 closed up 55.8 points at 5,947.1, as stocks edged higher across Europe. The index rose more than four per cent, or 254.2 points over the week, but is still down nearly eight per cent so far this year.