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Europe shares close higher as Deutsche Bank rallies

Holly Ellyatt
Essam Al-Sudani | Reuters

European indexes closed higher on Wednesday, with investor sentiment buoyed by a rally in Deutsche Bank (XETRA:DBK-DE) shares and a strong performance in the basic resources stock sector (STOXX:.SXPP).

The pan-European STOXX 600 index (^STOXX) closed around 0.7 percent higher, with all sectors and major bourses in positive territory.

The U.K.'s FTSE 100 (FTSE International: .FTSE) ended provisionally 0.5 percent higher, while the German DAX (^GDAXI) and the French CAC (Euronext Paris: .FCHI) index both closed roughly 0.8 percent higher.


The DAX was boosted by shares of Deutsche Bank (XETRA:DBK-DE), which closed over 2 percent higher, bouncing back after several sessions of heavy selling. This came after it was asked to pay a settlement by the U.S. Department of Justice and speculation that it was seeking help from the German government.

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The European basic resources stock sector closed up 1.4 percent. Strong performers included Rio Tinto (London Stock Exchange: RIO-GB) and Arcelormittal (Euronext Amsterdam: MT-NL), which both closed over 2 percent higher.

U.S. stocks opened slightly higher on Wednesday, before paring gains as several U.S. Federal Reserve spoke and a meeting of major oil-producing countries concluded.

On Wednesday, oil prices rose in early trade before declining

Meanwhile, Petrofac (London Stock Exchange: PFC-GB) shares rallied as much as 4 percent after Goldman Sachs upgraded its outlook on the firm. Shares closed up 2.7 percent.

Steinhoff (: @SHFJLFDC16J-GB) saw its shares close 3.9 percent higher, after the retail group announced on Wednesday that it was planning a capital increase.

ICAP (London Stock Exchange: IAP-GB) shares lost nearly 4 percent in early deals after a rating downgrade from Citigroup. Its shares closed 3.6 percent lower on the day.

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