En­ergy shares push Euro­pean shares higher

Malta Independent - - FINANCIAL - This ar­ti­cle was com­piled by BOV As­set Man­age­ment Lim­ited, a mem­ber of the BOV Group. BOV As­set Man­age­ment,TG Com­plex, Suite 2, Level 3, Brew­ery Str., Mriehel BKR 3000. Email: in­foas­set­man­age­ment@bov.com In­ter­net ad­dress: www.bo­vas­set­man­age­ment.com. BOV A

On Wed­nes­day Euro­pean stocks rose in thin trad­ing, boosted by gains in en­ergy shares and as Linde AG led chem­i­cal com­pa­nies higher.

BP Plc and Saipem SpA added at least 2.6 per­cent, with oil re­bound­ing from a two-week low as OPEC min­is­ters ex­pressed re­newed op­ti­mism about sal­vaging a deal to cut out­put. Linde AG jumped 6.7 per­cent af­ter say­ing it’s re­view­ing a re­vised merger pro­posal from Prax­air Inc. Com­mod­ity pro­duc­ers ex­tended a sell­off, post­ing the worst per­for­mance among in­dus­try groups.

The Stoxx Europe 600 In­dex ad­vanced 0.2 per­cent at 9:47 a.m. in Lon­don, with the vol­ume of shares chang­ing hands 11 per­cent lower than the 30-day av­er­age. Thin trad­ing this week in­di­cates some in­vestors are stay­ing on the side­lines ahead of to­day’s OPEC meet­ing and Sun­day’s Ital­ian ref­er­en­dum on con­sti­tu­tional re­form. The FTSE MIB In­dex rose for a sec­ond day, af­ter slid­ing to a two-month low.

The Stoxx 600 is on track for its first monthly ad­vance in three, up 0.7 per­cent. Euro­pean eq­ui­ties have climbed in Novem­ber on spec­u­la­tion Don­ald Trump’s U.S. elec­tion win will lead to in­creased fis­cal spend­ing. In­dus­tries seen ben­e­fit­ing from stronger eco­nomic growth — in­clud­ing min­ers, banks and in­sur­ers — led gains, while de­fen­sive shares such as util­i­ties and telecom­mu­ni­ca­tions shares lagged.

The rally in com­mod­ity pro­duc­ers has lost steam af­ter reach­ing a 17-month high last week. A gauge track­ing the in­dus­try group fell for the third time in four days, with An­glo Amer­i­can Plc and Rio Tinto Group down at least 2.3 per­cent.

Asian stocks trimmed their big­gest monthly rout since Fe­bru­ary as tech­nol­ogy com­pa­nies ral­lied and shares in Tokyo closed near their high­est level in al­most a year. The MSCI Asia Pa­cific In­dex climbed 0.2 per­cent to 136.50 as of 4:33 p.m. in Hong Kong, par­ing a 1.8 per­cent drop this month.

Newspapers in English

Newspapers from Malta

© PressReader. All rights reserved.