European oil stocks gain
by Elaine Frei
Despite declines during the week, the FTSE Eurofirst 300 closed out the week up by 1.2 percent to 1,322.02 thanks to strong rallies in the last two sessions of the week.
The oil sector saw strong gains during the week. OMV added 10.7 percent to €47.05 after it abandoned a merger with electric utility Verbund. Neste Oil was up 8.7 percent to €25.78, Statoil gained 6.5 percent to NKr180, and Norsk Hydro advanced by 6.2 percent to NKr172.
Banks were mixed. Natexis Banques Populaire gained 9.2 percent to €206 as it progressed toward its merger with Ixis. Raiffeisen International, however, ended the week down by 0.5 percent to €67.40 despite the fact that it gained about 15 percent in the final half of the week.
Stock exchanges were lower on the week. Deutsche Borse lost 6.3 percent to €103.80 as it looked like it would not merge with Euronext after all. Euronext, which expressed a preference for a bid by the New York Stock Exchange, dropped 7.2 percent to €69.25.
The steel sector also saw declines during the week. Arcelor was down by 5.1 percent to €33.05 after its announcement of a takeover of Severstal in Russia was perceived as a way to defeat a hostile bid by Mittal Steel. Mittal dropped 1.6 percent on the week to €25.
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