European stocks were little changed, posting their best monthly advance since February, even as a slump in energy companies offset a gain in travel shares.
The Stoxx Europe 600 Index slipped 0.1 per cent to 347.25 at the close, paring losses of as much as 0.6 per cent in the final half hour of trading.
National benchmark gauges climbed in 10 of the 18 western European markets.
France’s CAC 40 gained 0.2 per cent while in Dublin, the Iseq Overall Index rose by 0.22 per cent, to 5089.36. Germany’s DAX Index rose 0.1 per cent, its 12th straight gain and longest winning streak since May 2013.
DUBLIN
Bank of Ireland
rose by 1.5 per cent to 33 cents on a day when Minister for Finance
Michael Noonan
said the State had no plans to sell its residual 14 per cent stake in the company.
Kerry Group closed out a strong week of trading by gaining 1.7 per cent yesterday to close at €59.69. The stock finished the week 5.5 per cent higher.
Ryanair shares experienced significant turbulence, having enjoyed a strong run during the week. Having risen above €9 a share in early trading, the stock closed down 1.8 per cent at €8.562. Aer Lingus was up marginally on the day at €1.732.
Oil and gas stocks were under pressure, with Dragon, Kenmare, Petroceltic and Providence all recording declines.
EUROPE
Air France-KLM
rose 6.4 per cent, leading an index of travel shares to its highest level in more than seven years on expectations that lower fuel costs will boost profitability.
Energy stocks extended a five-day decline to 9.4 per cent after the 12-nation Organisation of Petroleum Exporting Countries kept its output target unchanged. Statoil dropped 7.3 per cent to its lowest price for 15 months, while Total slid 2 per cent.
BG Group slipped 8.8 per cent to its lowest price since March 2009.
The gauge of oil and gas companies on the Stoxx 600 posted its third straight monthly drop, its longest losing streak in almost two years.
Deutsche Lufthansa gained 4.9 per cent as UBS recommended buying the shares.
Aurubis dropped 3.2 per cent after Goldman Sachs cut its rating on Europe's biggest producer of refined copper to neutral from buy. Ingenico rose 3.1 per cent after Morgan Stanley upgraded its recommendation on the French maker of payment terminals.
LONDON
UK stocks were little changed, with oil and gas companies plunging.
BG
and
Tullow Oil
slumped more than 8 per cent amid concern oil prices will fall further after
Opec
decided not to cut its production target.
A gauge of oil and gas companies in the FTSE 350 Index fell 2.9 per cent to its lowest level in three years. Travel stocks rose, with EasyJet gaining 1.2 per cent, and ship operator Carnival up 4.6 per cent.
The FTSE 100 Index slipped 0.8 points, or less than 0.1 per cent, at the close in London, after earlier sliding as much as 0.8 per cent.
NEW YORK
The Standard and Poor’s 500 Index fell as energy producers slumped on Opec’s decision to keep its output target unchanged, offsetting a rally in retailers.
Exxon Mobil
and
Chevron
, the oil and gas stocks with the biggest weighting on the benchmark S&P 500, lost more than 4.2 per cent.
Wal-Mart Stores and United Parcel Service jumped more than 2.8 per cent as shoppers go to stores and online for the Black Friday weekend.
By 1pm, the S&P 500 fell 0.3 per cent in New York, as exchanges closed early after Thanksgiving. The Dow Jones added less than 0.1 per cent. – Additional reporting by Bloomberg
