Reply #76: European shares rise 3.1 pct led by banks, Nokia

[Ghost Dog]

FRANKFURT, March 25 (Reuters) - European stocks rose on Tuesday, with banks lifted by JPMorgan's (JPM.N: Quote, Profile, Research) increased takeover bid for Bear Stearns (BSC.N: Quote, Profile, Research) and mobile phone maker Nokia (NOK1V.HE: Quote, Profile, Research) up sharply after remarks by a top executive.

The FTSEurofirst 300 index of top European shares closed unofficially 3.1 percent higher at 1,264.94 points. The rally, after a four-day Easter break, echoed Monday's gains on Wall Street after U.S. investment bank JPMorgan boosted its offer for rival Bear Stearns to $10 a share from $2.

"We are catching up with yesterday's gains in the United States, that's why Europe is strong today," a trader said. "(European) banks are up because of the Bear Stearns deal."

HBOS (HBOS.L: Quote, Profile, Research) rose 14.2 percent, Royal Bank of Scotland (RBS.L: Quote, Profile, Research) was up 9.3 percent and UBS (UBSN.VX: Quote, Profile, Research) put on 8.2 percent.

"The upswing for the banks does not necessarily signal a return of confidence but the increased offer (for Bear Stearns) has reduced the perceived risk of collapse in the financial sector," the trader said.

Technology was the best performing sector in Europe, up 6.4 percent, with Nokia advancing 8.2 percent after Chief Financial Officer Rick Simonson was quoted as having told Bloomberg Television that the company had not felt much of an impact from the U.S. downturn.

/. http://uk.reuters.com/article/eurMktRpt/idUKWEB957620080325

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