European equities closed at a year high supported by commodity gains


European stocks closed on Monday at their highest level in nearly a year, as major resource stocks benefited from expectations of a rapid economic recovery, while Vivendi shares led the gains thanks to its plan to distribute the capital of Universal Music.
The pan-European STOXX 600 index rose 1.3 percent to its highest level since late February 2020, backed by Rio Tinto, BHB Group and Anglo American stocks, while copper prices jumped to their highest level in more than eight years.
Banking and energy stocks also rose, as the so-called “recovery trade” increased demand for sectors that underperformed the broader index after the crash that occurred in early 2020 due to the Coronavirus.
According to “Reuters”, metals and oil prices rose as investors bet on new US incentives and major vaccination programs that boosted the return of demand for basic commodities.
Vivendi led the STOXX 600 index, jumping 19.6 percent after the French group announced its intention to distribute 60 percent of Universal Music’s capital to investors.
Shares of Bollore Group, which owns a 27 percent stake in Vivendi, jumped 14.6 percent.


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