European stocks rise as energy shares rally on Shell-BG deal

miércoles 8 de abril de 2015 04:11 GYT
 

* FTSEurofirst 300 up 0.2 pct, energy sector index up 5.5 pct

* Sky rallies after sources say Vivendi mulling takeover

* Upcoming U.S. earnings seen hit by strong dollar

By Blaise Robinson

PARIS, April 8 (Reuters) - European shares rose in early trading on Wednesday, led by a rally in energy stocks after Royal Dutch Shell agreed to buy BG Group for 47 billion pounds ($70 billion) in the first oil super-merger in a decade.

Shares in BG jumped 39 percent, while Tullow Oil soared 10 percent, BP gained 4 percent, Repsol added 1.8 percent and Total climbed 1 percent. Shares in Royal Dutch Shell fell 2.8 percent.

The STOXX energy sector index, hammered in the past year as oil prices tumbled, was up 5 percent.

"The sector has been ripe for consolidation given the bearish outlook for oil prices, and we could see other takeovers in the industry in the coming weeks and months. Overall, the M&A wave which is spreading to a number of sectors is very good for the market," Saxo Bank trader Andrea Tueni said.

At 0749 GMT, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,615.30 points.   Continuación...