European shares eke out weekly gain after late recovery

viernes 28 de noviembre de 2014 13:39 GYT

* FTSEurofirst 300 flat after late recovery

* Posts 2nd weekly gain

* STOXX Europe energy sector index falls 3.5 pct

* Drop in oil prices seen weighing on euro zone inflation

* Shares in airlines surge; Air France up 6.4 pct

By Francesco Canepa

LONDON, Nov 28 (Reuters) - European shares posted their second consecutive weekly gain after a late recovery on Friday, as heavy falls in energy stocks, hit by a slump in oil prices, were offset by gains in airlines and consumer companies.

Oil companies such as Statoil and Galp Energia and explorer Premier Oil fell by between 5.8 percent and 13.4 percent, after Brent slipped below $72 following OPEC's decision on Thursday not to cut output. Investors said the move would leave oil markets heavily oversupplied.

The European oil and gas sector fell 3.5 percent. It has now lost $240 billion in market value since late June, more than the entire market value of Shell, Europe's biggest oil major, Thomson Reuters data shows.   Continuación...