german market rises on energy as most european shares slide
Last Updated : GMT 15:54:38
Arab Today, arab today
Arab Today, arab today

German market rises on energy as most European shares slide

Arab Today, arab today

Arab Today, arab today German market rises on energy as most European shares slide

Shares in German energy giants E.ON and RWE
London - AFP

Germany's stock market rose Monday in contrast to Europe's other main indices, thanks to a surge in the share prices of energy firms.

London and Paris were in the red after solid gains on Friday, as traders assessed whether the Federal Reserve would raise US interest rates this year.

Shares in German energy giants E.ON and RWE rallied after a government study suggested the two companies had sufficient financial buffers to safely dismantle their nuclear power plants.

"RWE and E.ON (shares) have fallen dramatically this year on fears that provisions put aside will be insufficient for the full decommissioning of nuclear plants," said Brenda Kelly, head analyst at traders London Capital Group.

"These concerns were laid to rest this morning by the German economy ministry and shares in the companies have jumped."

Overall in Monday trading, Frankfurt's DAX 30 was up 0.37 percent at 10,133 points.

In afternoon deals, RWE was showing a gain of 12.12 percent to 13.74 euros and E.ON rallied 8.0 percent to 9.84 euros.

The Paris CAC 40 lost 0.27 percent compared with Friday's close to 4,688.70 points.

In London, the FTSE 100 was meanwhile lower after "the index's best weekly advance since January", noted Mike van Dulken, head of research at Accendo Markets.

The FTSE dropped 0.43 percent to stand at 6,388.40 points around midday in the British capital.

Focus was again on Glencore, with the mining giant saying it had begun talks to sell copper mines in Australia and Chile.

Under pressure from a crash in commodity prices and weighed down by debt, Glencore's share price was down 1.47 percent at 127.20 pence in London.

It had surged Friday after Glencore said it would slash its output of zinc by one third.

European stock markets had advanced Friday on growing hints that US interest rates will not rise until next year.

But over the weekend, Fed vice chairman Stanley Fischer said the bank expected to stick to its plan to tighten monetary policy by the end of the year.

However, he also noted that "both the timing of the first rate increase and any subsequent adjustments to the federal funds rate target will depend critically on future developments in the economy".

In foreign exchange, the euro fell to $1.1369 from $1.1397 late on Friday in New York, with uncertainty surrounding the exact timing of a US rate hike.

Shanghai meanwhile led a broad Asian equities rally Monday on hopes of fresh Chinese economic stimulus.

 

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