French shares surge on euro-zone bank rescue plan
With investors apparently encouraged by the wide-ranging bank rescue plan announced by euro-zone leaders late Sunday, French shares rebounded strongly in early-Monday trading.
One hour after trading began, the CAC 40 index was up a healthy 6.78 per cent, to 3,391.82, with all 40 listed stocks gaining ground.
The surge was led by steel giant ArcelorMittal, which was up 13.14 per cent, to 24.79 euros.
The French-Belgian financial services group Dexia, which has changed management and received an injection of state funds, gained 11.76 per cent, to 6.70 euros.
Struggling car maker Renault was also sought by investors, and rose by 11.68 per cent, to 31.27 euros.
Last week, the Paris Bourse lost more than 22 per cent over the five trading days due to uncertainty about the response of European governments to the finance crisis.
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