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European sharemarkets posted significant gains on Tuesday as oil fell to a three month low.
The drop in oil was a boost for airlines and carmakers, with shares in Europe's biggest discount carrier, Ryanair, surging 14 percent to 2.56 euros and shares in the region's third-largest airline, British Airways, gaining five percent to 267.75 pence.
Shares in Air France gained 9.4 percent to 17.78 euros after it announced a first-quarter profit of 168 million euros, beating analysts' estimates of 152 million euros.
Shares in the world's second-biggest maker of luxury cars, Daimler, rallied 4.9 percent to 38.78 euros, while shares in France's second- largest carmaker, Renault, climbed 6.2 percent to 54.88 euros.
At the close of trading on Tuesday, the FTSEurofirst 300 index of pan-European blue chips added 29.760 points, or 2.582 percent, to close at 1,182.31, while the UK's FTSE 100 index gained 134.30 points, or 2.52 percent, to close at 5454.50.
France's CAC index gained 105.72 points, or 2.47 percent, to close at 4386.35, while Germany's DAX added 168.89 points, or 2.66 percent, to close at 6518.70.
On the commodity markets, Brent Crude oil shed US$6.07 cents, or 4.9 percent, to close higher at US$118.26 a barrel, while on the Forex Gold Index, gold lost US$23.75 or 2.6 percent, to be worth US$882 an ounce.
(c) NewsRoom 2008
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