Euro zone shares hit 5-month high on ECB bond plan

September 6, 2012 16:44

LONDON - Euro zone shares hit a 5-month high on Thursday as investors welcomed plans by the European Central Bank to purchase sovereign bonds on the secondary market.

The European Central Bank agreed to launch a new and potentially unlimited bond-buying program to lower struggling euro zone countries' borrowing costs and draw a line under the debt crisis, ECB President Mario Draghi said.

By 1339 GMT, the euro zone blue-chip Euro STOXX 50 index was up 2.3 percent to 2,497.10 points after rising as high as 2,501.49, a level not seen since early April.

The pan-European FTSEurofirst 300 index rose 1.6 percent to 1,096.36 points.

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