FRANKFURT (Reuters UK) - European shares soared by a record 9.2 percent on Monday, with financials in the lead in reaction to measures hammered out by government leaders and central bankers to revive credit markets and bail out banks.
The FTSEurofirst 300 index of top European shares ended unofficially with a gain of 9.2 percent -- its biggest one-day percentage advance on record -- to 929.29 points, more than wiping out Friday's 7.6 percent slide to a five-year low close.
The governments of Britain, Germany, France and Italy, among others, unveiled rescue packages designed to come to grips with the global financial crisis which has seen credit markets go into deep-freeze, threatening to exacerbate a looming recession.
"It will take time for these initiatives to start working, but already there are some signs of hope in money and credit markets," Morgan Stanley said in a European strategy note.
Financials led the surge, with Credit Suisse (CSGN) gaining 28 percent, ING Group (ING) rising 20 percent and Allianz (ALVG) closing 14 percent up.
A sharp rebound in the shares of French utility GDF Suez (GSZ), up 21.4 percent, helped utilities become the top sectoral gainers with a rise of 15 percent.
Higher base metals prices lifted shares in mining companies such as Anglo American (AAL), up 13 percent, and Rio Tinto (RIO), up 12.5 percent.
And higher crude oil prices helped oil companies' shares, with BP (BP) adding 11 percent, Total (TOTF) 10 percent and Royal Dutch Shell (RDSa) almost 10 percent.
(Reporting by Peter Starck)
