Rebound in energy stocks helps lift European equities

martes 2 de diciembre de 2014 08:12 GYT

* FTSEurofirst 300 up 0.4 pct, bounces after Monday's losses

* Saipem, Salzgitter slide as Russia scraps pipeline project

* SMA Solar, Neopost drop after profit warnings

By Blaise Robinson and Sudip Kar-Gupta

PARIS/LONDON, Dec 2 (Reuters) - European stocks rose on Tuesday, helped by a technical rebound in energy stocks such as BP and Total after crude oil prices bounced from five-year lows hit on Monday.

Shares in Italian oil services group Saipem and German steelmaker Salzgitter bucked the trend, tumbling 8.2 percent and 8.4 percent respectively after Russia scrapped its $40 billion euro South Stream pipeline link to Europe. The two firms have been involved in the project.

"South Stream is roughly 15 percent of next year's operating profit (for Saipem), and on top of that there was an expectation that there would be some follow-on work," said Alex Brooks, energy services sector analyst at Canaccord Genuity.

At 1147 GMT, the FTSEurofirst 300 index of top European shares was up 0.4 percent at 1,390 points.

Oil majors BP and Total were up 2.2 percent and 2 percent respectively.   Continuación...