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European shares up for third straight session as commodities gain

Reuters - UK Focus

LONDON, Nov 16 (Reuters) - European shares rose in early deals on Wednesday, underpinned by a rally among commodity-related stocks as well as gains in companies such as Wire Card and Bouygues (LSE: 0HAN.L - news) .

The STOXX 600 index climbed 0.6 percent, on track for its third straight session of gains.

The basic resources index was the top sectoral gainer, rebounding nearly 2 percent after a sell-off in the previous session, while oil stocks extended their rally, up 1 percent as the price of oil firmed on hopes of an OPEC output deal.

Among the top risers, German payment processor Wirecard (Swiss: WDI.SW - news) rose 3.3 percent after issuing guidance for 2017, while France's Bouygues also rose 3.3 percent after maintaining its outlook following a forecast-beating rise in third quarter operating profit.

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A 5.2 percent fall in Bayer (LSE: 0P6S.L - news) , however, weighed on Germany's DAX index, which traded flat and underperformed the broader European market.

The drugmarker fell after a placement of 4 billion euros of mandatory convertible notes. (Reporting by Kit Rees)