European shares rise, boosted by commodity-related shares

European shares opened slightly higher on Wednesday, extending gains for the sixth consecutive session, despite continuing concerns about the economic fallout from the Ukraine crisis.

Shares of energy and basic materials companies were among the biggest gainers, as fears of supply shortages due to the war between Russia and Ukraine pushed up metal and oil prices.

After a strong delivery from Wall Street and Asian stock markets, the European Stoxx 600 index boosted its recovery by 0.1 percent. The index closed yesterday with marginal gains.

Ukrainian President Volodymyr Zelensky said talks between Ukraine and Russia were facing great difficulties but were moving forward as the West planned to announce more sanctions on Moscow amid a deepening humanitarian crisis.

After US Federal Reserve Chairman Jerome Powell’s comments on Monday, more Fed members called for a further rate hike, which discouraged investors from bonding.

French energy giant Total Energy and Credit Agricole have reduced exposure to Russia. The rise in oil prices helped increase Total shares by 0.1 percent, while Credit Agricole lost 0.6 percent.

Shares of SEB Bank fell by six percent as it was traded without the right to distribute dividends.