European Stocks Advance as Stoxx 600 Extends Third Monthly Gain

Bloomberg (28/11) -- European stocks rose, extending a third consecutive monthly advance, as Rio Tinto Group and Boliden AB led mining companies higher and banks advanced.

Rio climbed 4.7 percent after saying it will spend $3 billion less than projected to increase iron-ore output capacity. Boliden added 4.9 percent as Morgan Stanley raised its rating on the stock. Thomas Cook Group Plc gained the most since May after the travel operator posted a 49 percent increase in full-year earnings. British tobacco companies slipped after a U.K. minister announced the review of cigarette packaging. The Stoxx Europe 600 Index advanced 0.4 percent to 325.33 at 3:21 p.m. in London. The gauge has added 0.9 percent in November, heading for the ninth monthly advance of the year. The Stoxx 600 gained 16 percent in 2013 and was trading at 15.2 times projected earnings yesterday, near the highest valuation since the end of 2009, data compiled by Bloomberg show. More than $8 billion have been added to global equity exchanges this year, the most since 2009, as central banks around the world pledged to continue supporting the economic recovery for as long as needed. U.S. equity and bond markets are closed today for the Thanksgiving holiday.