Reply #135: Pharmas boost European shares, commods down

[Ghost Dog]

http://today.reuters.co.uk/news/articleinvesting.aspx?type=eurMktRpt&storyID=2007-11-22T164252Z_01_L22310793_RTRIDST_0_MARKETS-EUROPE-STOCKS-CLOSED-URGENT.XML

LONDON, Nov 22 (Reuters) - European shares rose on Thursday, driven higher by pharmaceuticals after a broker upgrade of the sector, while flat commodity prices weighed on shares of mining and energy companies.

The FTSEurofirst 300 index <.FTEU3> of top European shares closed unofficially at 1,453.58 points, up 0.7 percent. The index fell by 2.5 percent on Wednesday, in its worst daily fall since credit markets seized up three months ago.

"We are due for a respite from this selling, we are due for a rebound and I sort of feel that with a bit of luck and a good wind, we could actually rebound a little bit more," said Brewin Dolphin chief strategist Mike Lenhoff.

Trading was light on Thursday, with U.S. markets closed for the Thanksgiving holiday. Traded volume on the FTSEurofirst 300 was two-thirds that traded on Wednesday.

In other European markets, London's FTSE 100 index .FTSE rose 1.3 percent, while Frankfurt's DAX <.GDAXI> gained 0.6 percent and Paris' CAC 40 <.FCHI> rose 0.7 percent.

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