Oil and gas producers gained ground on Monday to lead European stocks higher.
The Stoxx Europe 600
SXXP,
rose 0.7% to 469.75, with advancers including automaker Daimler
DAI,
electricity operator National Grid
NG,
and oil producer TotalEnergies
TTE,
Crude futures
CL.1,
gained ground, and analysts at Bank of America said $100 prices could be reached depending on how cold the next winter will be. Wholesale power prices jumped in the U.K., as wind power has been weak.
Cyclical stocks more broadly enjoyed strong demand, with the construction and materials sector and financials also advancing.
Of the major regional indexes, the German DAX
DAX,
surged 1.1%, the French CAC 40
PX1,
increased 0.8% and the U.K. FTSE 100
UKX,
increased 0.8%.
Valneva
VLA,
was an exception, slumping over 30% as the U.K. ended its €1.4 billion order for its coronavirus vaccine candidate.
This post was originally published on Market Watch
