RTTNews - The European markets rose on Friday, as energy and mining stocks rallied on firmer crude oil and base metals prices.
In economic news, the U.S. Commerce Department said in its report that the country's gross domestic product fell 5.7% in the first quarter compared to the advance estimate of a 6.1% decrease. Economists had been expecting the pace of contraction to be revised to 5.5%.
The Institute for Supply Management - Chicago said its index of activity in the sector fell to 34.9 in May from 40.1 in April, with a reading below 50 indicating a contraction. Economists had been expecting the index to edge up to a reading of 42.0.
Crude for July delivery rose $1.04 to $66.12 a barrel on the New York Mercantile exchange, by the time the European markets closed, after the U.S. reported a fall in oil inventories and OPEC decided to leave output unchanged.
The FTSEurofirst 300 index of pan-European blue chips closed 0.23% higher at 862.17 points, while the narrower DJ Stoxx 50 index rose 0.33% to 2,124.80 points.
Around Europe, the U.K.'s FTSE 100 index climbed 0.69% to 4,417.94, while France's CAC 40 index surged up 0.43% to 3,277.65 and Germany's DAX index rose 0.16% to 4,940.82.
Heavily weighted oil stocks gained after crude oil prices rose for a fifth day in New York. BP, Europe's biggest oil company, rose 0.5%, while Royal/Dutch Shell, the second biggest, surged up 0.9% and Total, the third biggest, climbed 1.7%.
Similarly, mining stocks rallied after based metals prices rose in London. BHP Billiton, the world's biggest miner, surged up 3.1%, while Anglo American, the second biggest, climbed 5.2% and Rio Tinto, the third biggest, rose 1.6%. Copper miner Antofagasta gained 5.2%.
Elsewhere, HeidelbergCement, Germany's biggest cement maker, rose 3.8% after Manager Magazin reported that the company's majority owner Ludwig Merckle is close to a refinancing agreement.
Aker Solutions, Norway's largest engineering company, jumped 12% after the company won an 850-million kroner contract from StatoilHydro.
On the other hand, Enel, Italy's biggest utility, slipped 5.6% after the company said it will sell shares at ?2.48 a piece, 44% below their closing price yesterday, to raise as much as ?7.97 billion.
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