Reply #8: Glencore IPO demand boosts European shares

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http://uk.reuters.com/article/2011/05/19/markets-europe-stocks-idUKLDE74I0QN20110519

LONDON, May 19 (Reuters) - European shares rose on Thursday, led by commodity stocks after the initial public offering of Glencore (GLEN.L) helped sentiment in the sector, but ongoing worries about Greek debt could make trading volatile.

By 0857 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was up 0.4 percent at 1,134.90 points after gaining 0.4 percent in the previous session as investors bought into commodity and technology stocks.

Commodity trader Glencore opened at 548 pence, more than 3 percent above the debut price of 530 pence in grey market trading, helping to boost commodities.

Traders said the Glencore IPO was a success because the backdrop for commodities was still positive, despite the recent sell-off, and long-term demand remained for China.