European shares supported by surge in German utilities
LONDON Oct 12 (Reuters) - A surge in the share prices of German utility stocks propped up European shares on Monday, enabling the region's stock markets to remain near one-month highs.
The pan-European FTSEurofirst 300 index, which had risen to its highest level in a month last Friday, was flat while the euro zone's blue-chip Euro STOXX 50 dipped 0.1 percent.
However, Germany's DAX outperformed to rise 0.2 percent, with utilities RWE and E.ON rising 10 percent and 8 percent respectively.
Both those stocks rose after the German Economy Ministry said on Saturday that the operators of German nuclear power plants had set aside enough funds to pay for decommissioning the country's reactors.
Glencore also rose 1 percent after the mining and trading giant announced plans to sell copper mines in Australia and Chile to reduce its debt pile. (Reporting by Sudip Kar-Gupta; Editing by Atul Prakash)
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