European shares led higher by oil stocks as crude recovers

lunes 15 de diciembre de 2014 05:51 GYT

* FTSEurofirst 300 up 0.6 pct, oil sector up 2.2

* Rebound in copper, crude prices support resources stocks

* Technip up 8 pct after ruling out CGG takeover

By Francesco Canepa

LONDON, Dec 15 (Reuters) - European shares staged a modest recovery on Monday as oil and copper prices rose, pushing up energy and basic resources stocks. Concern about the global economy limited the gains.

Monday's bounce in energy stocks came after a selloff last week, when a glut of crude and the threat of weakening demand caused oil prices to plunge to 5 1/2-year lows.

French oil services group Technip was the top performer on the FTSEurofirst 300 index of pan-European shares , rising 8 percent after it dropped a bid for seismic surveys specialist CGG. The takeover offer had puzzled some analysts, who could see few synergies between the two.

The STOXX Europe 600 oil and gas index, which had fallen over 9 percent last week, was up 2.2 percent at 0923 GMT as Brent prices rebounded from the 5 1/2-year low hit earlier in the session.

Oil and gas majors and services companies were among top gainers on the FTSEurofirst 300, with Tullow Oil, Total and BG Group up between 3.5 percent and 6 percent.   Continuación...