By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- European stocks rose Monday, as gains in
energy shares aided the Stoxx Europe 600, which is coming off its
worst week in more than three years.
The Stoxx Europe 600 was up 0.7% to 332.70, poised for its first
rise in six sessions. The slide in oil prices to five-year lows and
worries about slower global growth hit mining and energy shares
particularly hard in recent days. The index last week fell 5.8%,
the sharpest weekly pullback since September 2011.
But the resources sector was the best-performing on Monday. The
oil and gas group was higher by 1.9%, in contrast to last week's
slump of more than 9%.
Oil producer Afren PLC was up 7.8%, climbing to the top of the
Stoxx 600. The stock last week tumbled nearly 25%. Tullow Oil PLC
rose 5.9%, after last week's decline of more than 7%.
Technip SA also popped toward the top of the pan-European index,
rising 7.1% after the French oil-services firm ditched plans to buy
CGG , saying merger talks between the companies failed. CGG shares
tumbled 29%, bringing their year-to-date decline to 61%.
Europe's key indexes moved higher in mid-morning trade following
comments from European Central Ban Governing Council member Ewald
Nowotny. Speaking at a news conference in Vienna, Nowotny said the
risk of a collapse in the eurozone has been removed and that the
ECB's efforts can only work if policy measures on the fiscal side
are implemented, according to a Reuters report.
Decliners on the Stoxx Europe 600 included Danske Bank AS . Its
shares dropped 1.2% after the Danish firm said it will write down
about 9 billion kroner ($1.51 billion) in the value of assets
related to activities in Finland, Estonia and Northern Ireland.
On the country indexes, Germany's DAX 30 rose 0.8% to 9,669.55,
France's CAC 40 picked up 0.9% at 4,144.15 and the U.K's FTSE 100
tacked on 0.9% at 6,354.80.
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