Europe closes higher ahead of ECB meeting, oil surges 4.31%

Wednesday, 09. March 2016 18:31

Major indices in Europe closed with gains on Wednesday as investors eyed the fluctuation in stocks ahead of European Central Bank (ECB) policy meeting scheduled for tomorrow. In London, FTSE 100 added 0.34%. Financials and oil and gas giants had the best performance, with Prudential increasing 2.9%, Glencore gaining 2.5%, Royal Dutch Shell adding 1.83%, and BHP Billiton closing 1.19% higher. BP Plc closed half percent in the green, in spite of announcing today it will decrease number of active rigs on Alaska’s North Slope, a move expected to result in both lower oil production and job cuts.  

WTI deliveries for April surged 4.31% at $37.99 a barrel, while North Sea crude Brent jumped 3.49% at $40.92 a barrel (both 6:22 p.m. CET).

The DAX closed 0.31% up. Stocks from chemicals and pharmaceuticals sector closed as the best-performing, followed by Volkswagen and Daimler, which closed 0.85% and 0.35% higher, respectively. On the other hand, E. ON was the worst performer, plunging 3.09%.E.ON today reported a net loss of €7 billion in 2015 “due to significant impairment charges,” according to the company’s press release.

The CAC 40 closed 0.49% higher. Building company Holcim closed with the largest gain, 2.26%, followed by Technip’s 2.12% increase. Societe Generale and Credit Agricole closed 1.29% and 1.18% higher, respectively.

The euro gained 0.09% against the Swiss franc, added 0.04% versus the British pound, and rose 0.2% against the dollar (all 6:31 p.m. CET).

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