European Markets Close Higher

(RTTNews) - Despite lingering geopolitical tensions between Russia and Ukraine, worries about rising inflation and the economic impact of sanctions on Russia, European stocks closed on a firm note on Wednesday with investors indulging in some bargain hunting after recent losses.

Energy stocks moved higher after crude oil prices moved up sharply. Mining stocks gained on firm metal prices.

The pan European Stoxx 600 climbed 0.9%. The U.K.'s FTSE 100 surged up 1.36%, Germany's DAX advanced 0.69% and France's CAC 40 moved up 1.59%, while Switzerland's SMI edged up 0.08%.

Among other markets, Belgium, Finland, Iceland, Netherlands, Norway, Poland, Portugal, Spain, Sweden and Turkey closed higher.

Austria, Czech Republic, Denmark, Greece and Ireland ended weak.

In the UK market, Polymetal International soared 18.5%. Rolls-Royce Holdings, Melrose Industries, Prudential, Whitbread, Shell, BP, ITV, Intercontinental Hotels Group, Aveva Group and IAG gained 4 to 7%.

Ashtead Group, Airtel Africa, Compass Group, Dechra Pharmaceuticals, Mondi, Rio Tinto and Standard Chartered also rose sharply.

Evraz plunged more than 41%. Royal Mail drifted down 7.4%. Coca-Cola HBC, Fresnillo, BAE Systems, Associated British Foods, Reckitt Benckiser, Kingfisher and Sainsbury (J) lost 2.4 to 6%.

In the German market, MTU Aero Engines climbed nearly 5.5%. Bayer, BASF, Deutsche Telekom, Siemens, SAP, Linde, Infineon Technologies, Vonovia and HeidelbergCement gained 1 to 4%.

E.ON. shares plunged more than 8% and HelloFresh drifted down 6%, while RWE, Zalando, Daimler, Henkel, Porsche Automobil, Symrise and Quagen ended lower by 3 to 4%.

In Paris, Atos, Airbus, Safran, Air France-KLM, Accor, Schneider Electric and Hermes International gained 3 to 6%. ArcelorMittal moved up nearly 3%. BNP Paribas, LVMH, Sodex, Vinci, Legrand, Credit Agricole, Renault and Kering also posted strong gains.

Veolia, Thales, Publicis Groupe, Valeo and Engie declined sharply.

Neste shares zoomed more than 14%. The Finnish engineering company announced a joint venture with U.S. oil company Marathon to produce renewable fuels globally.

In economic news, UK house prices grew at the fastest pace in eight months in February driven by robust demand and limited stock of homes, the Nationwide Building Society reported Wednesday.

House price inflation unexpectedly increased to 12.6% from 11.2% in January. This was the strongest since June last year. Economists had forecast the rate to ease to 10.7%.

On a monthly basis, house prices gained 1.7%, faster than the 0.8% rise posted in January. Prices were forecast to rise 0.6%.

Eurozone inflation accelerated further in February to hit a fresh record high driven by energy prices, flash estimate from Eurostat showed. Inflation advanced to 5.8% in February from 5.1% in January. Inflation was forecast to climb to 5.3%.

German unemployment declined further in February, reports said citing data from the Federal Labor Agency. The number of people out of work decreased by 33,000 from January, which was bigger than the economists' forecast of -23,000.

The jobless rate fell to 5% in February from 5.1% in the previous month. The rate was forecast to remain unchanged at 5.1%.