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European shares close higher; banks, miners gain

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LONDON - European shares rose strongly for a second day, with miners up as the Australian government was said to be diluting its tax hike plans and banks gaining on robust demand in a Spanish government debt auction. Confirmation of strong Chinese trade data also boosted the market.

The FTSEurofirst 300 index of top European shares rose 1.5 per cent to a provisional close of 1,013.28 points.

Strong demand at a Spanish debt auction helped lift sentiment towards the country and its banking sector, with Banco Santander and BBVA up 5.2 and 5.1 per cent respectively.

"There's maybe a recycling out of the safe havens, with the dollar and gold down, and a delve back into risk," said Joshua Raymond, strategist at City Index in London.

"There are expectations for markets to move gently higher."

The Australian government is due to soon announce major changes to its controversial mining tax, a newspaper said on Thursday, boosting shares of mining stocks in London.

Anglo American, BHP Billiton and Rio Tinto rose between 3.2 and 3.7 per cent.

Last Updated ( Friday, 11 June 2010 20:12 )  
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