1/26/2016, 6:27 PM (Source: TeleTrader)
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European markets close stronger on oil price surge

The closing bell in the most of the European markets has marked a day of strong gains, with the oil prices resurging after uncertainty earlier in the trading.

In Frankfurt, the DAX index recorded a rise of 0.59% to 9,822, with Siemens AG shares jump of 8.62% leading the market rally, as the conglomerate reported positive financial results for the fourth quarter of 2015. The same applies for the energy sector: the electricity producer RWE AG was awarded with 6.31% higher share prices thanks to rating upgrade, while power and gas company E.ON AG added 4.05%. The shares of the Deutsche Post AG were punished by 2.73% lower prices after they were labelled "underperform" by Credit Suisse.

French CAC 40 ended the day up 1.05% at 4,356. The shares of steel giant ArcelorMittal enjoyed a lift of 6.96%, as the conglomerate announced the closure of its steel plant near Bilbao, Spain. Rubber giant Michelin added 4.37%, partly due to the recent news of expansion in India and Indonesia. The rail transportation giant Alstom’s shares continued decline with 3.19% of the daily losses.

In London, the FTSE 100 index rose 0.59% with the mining sector winning the day: Fresnillo PLC jumped 5.55%, Antofagasta PLC won 4.07%, and Glencore rose 3.49%. Low cost airline EasyJet dropped 3.19% of the value after its earnings report revealed a fall of 3.7% of the revenue per seat in first quarter of the financial year. Cause are the terrorist attacks in Egypt and France, which kept passengers away.

Switzerland’s SMI index rose 0.74% to 8,134, with winners in all sectors. The watch maker Swatch Group gained 2.98%, while other gainers were Geberit, Nestlé, LafargeHolcim, and Novartis. Insurance giant Swiss RE lost 0.05%.

The Italian MIB rose 1.51%, Austrian ATX index finished the day 0.91% higher, and Amsterdam’s AEX index added 0.93%, while in Brussels BEL 20 rose 1.13%. The two markets saw lower close: Irish ISEQ 20 wrote off 0.42%, and in Poland WIG 20 lost 0.94%.

Oil prices kept recovering in the trading after stock markets close. European favourite benchmark Brent leaped 4.71% to $35.55 by 6:08 p.m. CET at ICE Europe, while the North American crude WTI jumped 2.45% to $37.27 by 5:53 p.m. CET. The OPEC reported its daily basket price for January 25 at $25.58 a barrel.

The euro lost 0.13% to the U.S. dollar, and also 1.56% to the Canadian dollar, but gained 0.08% against the Japanese yen, all at 6:26 p.m. CET.


Baha Breaking News (BBN) / ZR