European shares up

financial aid, but traders were wary that the bailout may not signal the end of the eurozone debt crisis.
Portugal is the third eurozone country to seek a bailout, and investors are now watching to see if Spain could be next, though Spanish Economy Minister Elena Salgado told national radio that was not an option.
The pan-European FTSEurofirst 300 index of top shares was up 0,2 percent at 1 149,75 points ahead of an interest rate decision by the European Central Bank.
“Portugal was so much expected,” said Lothar Mentel, chief investment officer at Octopus Investments, which manages 2,5 billion sterling (US$4,1 billion).
“Now there is more focus on Spain; the pressure is not really going to go away.”
Mentel also said he expected there to be a shift towards value stocks from growth in the next half of the year if the global economy slows.
Banking stocks featured among the best performers, with the STOXX Europe 600 Banks index gaining 1,2 percent.
Portugal’s Millennium bcp, Banco Espirito Santo and BPI gained 3,7 to 4,6 percent on the aid request, outperforming Portugal’s PSI 20, which was 1 percent higher. Spain’s IBEX 35, however, was down 0,2 percent. – Reuters.