By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- European stocks were higher Monday, with
the energy group benefitting from some improvement in oil prices
before investors take off later this week for a holiday break.
The Stoxx Europe 600 rose 0.8% to 342.90, with Afren PLC the
best performer as it surged 16%. The oil exploration and production
company said Monday it received a "highly preliminary approach"
from Nigeria-based oil firm Seplat Petroleum Development Co. about
a possible deal.
Seplat has by 5 p.m. on Jan. 19 to say whether it intends to
make a firm offer for Afren, said Afren in a statement.
Afren shares are facing a 67% loss for the year, having been hit
since mid-year alongside other oil companies, as prices for Brent
and U.S. crude oil roughly halved.
But oil prices found some relief on Monday, with the recent
sharp drop spurring traders to buy and short-cover as they wrap up
2014. Brent futures jumped more than 3%, near $62 a barrel, and
West Texas Intermediate (CLG5) picked up nearly 1%, above $57 a
barrel.
Shares of Norwegian oil-services company Seadrill Ltd. picked up
6%, Norway's Petroleum Geo-Services ASA gained 4.7%, and French oil
major Total SA climbed 2.5%.
Elsewhere, Greek stocks edged up after Greece's prime minister
Antonis Samaras on Sunday offered compromises to resolve an impasse
over choosing Greece's future head of state and so avoid snap
elections early next year. The Athex Composite rose 0.1% to
862.67.
In Frankfurt, the German DAX 30 was up 0.7% at 9,857.51,
France's CAC 40 tacked on 1.1% to 4,289.23, and the U.K.'s FTSE 100
rose 1% to 6,611.77.
Trading volumes are expected to be lighter than usual this week
ahead of the Christmas Day holiday on Thursday.
The Stoxx 600 last week rose 2.95%, its strongest weekly rise in
a year, according to FactSet data.
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