European shares end higher; Lufthansa rises on lower oil price

lunes 12 de enero de 2015 13:53 GYT
 

* FTSEurofirst 300 up 0.6 even as oil stocks plunge

* Lufthansa says profit to rise on lower oil prices

* Continental eyes sales growth pick-up

By Francesco Canepa

LONDON, Jan 12 (Reuters) - European shares ended higher in volatile trade on Monday as slumping oil prices lifted shares of companies that benefit from lower fuel prices, such as airline Lufthansa, helping to offset a fall in energy companies' shares.

Energy shares mirrored the fortunes of Brent crude, which slid to a new low at $47.61/barrel before staging a modest recovery late in the European day.

Traders blamed a report by analysts at bank Goldman Sachs, who cut their three-month forecasts for Brent to $42 a barrel from $80.

"Goldman Sachs' report on oil has turned up in the hands of U.S. traders and here are the results," IG strategist Vincenzo Longo said.

The STOXX 600 Oil & Gas index closed 1.3 percent lower, off its daily trough.   Continuación...