Europe Stocks Rise as Total, Statoil Lead Oil Companies Higher
Oil and Gas Sectors Fuel Gains in European Stocks
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Energy companies pushed European equities up for a second day amid better-than-estimated earnings reports and as oil reached $45 a barrel.
Statoil ASA jumped 6.1 percent after Norway’s biggest oil company unexpectedly posted a profit, and Total SA gained 2.8 percent as its earnings beat estimates. Adidas AG climbed 6 percent after raising its annual profit forecast as consumers spend more before this year’s Euro soccer tournament. Munich Re fell 3.8 percent, dragging insurers lower, after forecasting lower profit than previously expected.