RTRS: Europe stocks close 0.8 pct higher; banks, commods gain
* FTSEurofirst 300 index closes up 0.8 pct
* Banks gain after Citigroup, BoA news
* Commodities rise
By Joanne Frearson
LONDON, March 13 (Reuters) - European shares closed higher for a fourth straight day on Friday as banking stocks gained after both Citigroup (C.N: Quote, Profile, Research, Stock Buzz) and Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz) gave positive comments and said they would not need government money.
The pan-European FTSEurofirst 300 .FTEU3 index of top shares closed 0.8 percent higher at 702.12 points having been up as high as 716.05 points. It is the first time the index has closed above 700 since the end of February 2009.
"Financials have been continuing to push upwards following news from Citigroup and news that Bank of America is giving visibility for the rest of the year," Nomura strategist Philip Lawlor said.
"But we are seeing some profit taking in tech stocks, which have globally been a very big winner over the past few weeks."
Banks were major gainers after Citigroup (C.N: Quote, Profile, Research, Stock Buzz) said it did not need any more emergency cash from the government and expects to stay private. [ID:nN13426253]
News that Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz) said it was profitable in January and February, and the group should be able to ride out the recession without new help from the nation's taxpayers, also lifted investor spirits. [ID:nN12368897]
HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz), Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz), Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz), Banco Santander (SAN.MC: Quote, Profile, Research, Stock Buzz) and BNP Paribas (BNPP.PA: Quote, Profile, Research, Stock Buzz) were between 3 percent and 6.7 percent higher.
The DJ Stoxx European banks has gained 18.1 percent this week but is still down around 27 percent for the year.
Energy stocks were on the rise with BG Group (BG.L: Quote, Profile, Research, Stock Buzz), BP (BP.L: Quote, Profile, Research, Stock Buzz), Royal Dutch Shell (RDSb.L: Quote, Profile, Research, Stock Buzz) and Total (TOTF.PA: Quote, Profile, Research, Stock Buzz) up between 0.4 percent and 4.1 percent, while crude CLc1 traded at around $46 a barrel.
Miners were up as metal prices rose. Anglo American (AAL.L: Quote, Profile, Research, Stock Buzz), Antofagasta (ANTO.L: Quote, Profile, Research, Stock Buzz), BHP Billiton (BLT.L: Quote, Profile, Research, Stock Buzz), Eurasian Natural Resources Corporation (ENRC.L: Quote, Profile, Research, Stock Buzz), Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz) and Xstrata (XTA.L: Quote, Profile, Research, Stock Buzz) were up 0.5 percent to 10.4 percent higher.
INVESTORS TAKE PROFITS IN TECHS
Also buoying investor sentiment was news that U.S. consumers' mood improved unexpectedly in March as confidence in government economic policy improved. [ID:nN13430977]
The Reuters/University of Michigan Surveys of Consumers said its preliminary index reading of confidence for March increased to 56.6 from 56.3 in February. It beat economists' expectations for a reading of 55.0.
"It's a sign of times to come. We might have found a bottom. The positive results we are starting to see from the U.S. banking sector, in addition to yesterday's encouraging retail sales number are demonstrating a bottom might have formed for the economy," said Greg Salvaggio, vice president of Trading, Tempus Consulting in Washington.
On the downside, technology stocks were one of the biggest weighted losers as investors took profits. Ericsson (ERICb.ST: Quote, Profile, Research, Stock Buzz), Nokia (NOK1V.HE: Quote, Profile, Research, Stock Buzz) and Tandberg (TAA.OL: Quote, Profile, Research, Stock Buzz) were down between 3.2 percent and 4.1 percent.
Defensives tobacco stocks fell as investors switched into more cyclical stocks. British American Tobacco (BATS.L: Quote, Profile, Research, Stock Buzz), Imperial Tobacco (IMT.L: Quote, Profile, Research, Stock Buzz) and Swedish Match (SWMA.ST: Quote, Profile, Research, Stock Buzz) fell between 1.5 percent and 1.9 percent.
Qiagen (QGEN.DE: Quote, Profile, Research, Stock Buzz) lost 8.4 percent after competitor Hologic Inc (HOLX.O: Quote, Profile, Research, Stock Buzz) received U.S. Food & Drug Administration approval for two tests to detect the human papillomavirus, which can cause cervical cancer. [ID:nBNG470550]
"Hologic is one of Qiagen's competitors and the news is definitely not positive for Qiagen," said a Frankfurt-based trader.
Across Europe, the FTSE 100 .FTSE index was up 1.1 percent, Germany's DAX .GDAXI was down 0.1 percent and France's CAC 40 .FCHI was up 0.4 percent. (Editing by Karen Foster)
