Financials, oil giants surge in Europe; oil jumps

Friday, 04. March 2016 18:59

Markets in Europe closed higher on Friday after the Bureau of Labour Statistics reported total nonfarm payroll employment in the United States rose by 242,000 in February. While vacancies were added in a number of sectors, job losses continued in the mining sector. In spite of this, the mining sector, along with financials and the automobile industry, was leading the gains.

The FTSE 100 closed 1.13% up at 6,199 points. Anglo American enjoyed massive gains, jumping 11.07% to close at 592 pence, after concluding an agreement with daughter gold mining company AngloGold Ashati which resolves outstanding silicosis claims, filed by more than four hundred claimants for dust-related lung diseases contracted while working on the company’s mines.

BP Plc closed 0.84% in the green at 365.03 pence per share. In spite of sliding oil prices that have hurt the energy giant’s profits, BP’s chief executive Bob Dudley received a 20% increase in pay check last year, according to the company’s annual report published today. Royal Dutch Shell closed with gains, with its class A shares adding 0.49% to 1,673 pence. In other news, the London High Court ruled two days ago that two Nigerian communities could sue the oil giant’s division operating in that country for environmental damage. According to Shell, oil spills from its business activities in the West African country amounted to 48,000 tonnes between 2008 and 2015.  

WTI deliveries for April surged 2.91% to $35.76 a barrel, after reaching $35.94, while North Sea Brent jumped 3.91% to $38.52 a barrel, 18 cents under the daily high (both 6:47 p.m. CET).

The DAX closed 0.74% up at 9,824 points. Automotive and banking sectors were at the top of the index. Volkswagen were the second-best, closing 4.18% higher, followed by BMW’s 1.82% increase and Daimler’s 0.98% gain. Deutsche Bank was 2.13% up and Commerzbank rose by 1.28%. Energy sector closed mixed, with E. ON.’s 0.62% increase and RWE AG’s slight 0.18% loss. E.ON. today stated one-third of Germany’s renewables capacity was connected to the company’s energy grid.

The euro was 0.28% higher against the dollar. It gained 0.58% versus the Japanese yen, and appreciated 0.6% compared to the Swiss franc (all 6:58 p.m. CET).  

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