You are here

Europe: Stock rally fizzles in final hour as oil shares pare gain

Thursday, October 8, 2015 - 00:28

[LONDON] A rally in European stocks ran out of steam after data showing an increase in US crude stockpiles trimmed an intraday advance in oil producers.

While a surge in energy shares propped up the Stoxx Europe 600 Index for most of the day, the broader benchmark gave up almost all of its gains in the final hour of trading as advances in Total SA and Royal Dutch Shell Plc diminished. The Stoxx 600 rose 0.1 per cent at the close of trading, after climbing as much as 1.2 per cent.

Health-care shares fell the most among Stoxx 600 groups. Roche Holding AG and Novartis AG, among stocks with the biggest weightings on the benchmark gauge, lost 2.4 per cent or more.

BLOOMBERG