(RTTNews) – European stocks closed on a mixed note on Monday as some of the markets in the region failed to hold early gains and stayed somewhat sluggish before finishing a bit lower.
Shares of oil & gas companies were in demand as crude prices rallied after OPEC+ and its allies announced a cut in production.
Investors shrugged off data showing that activity at struggling factories across the eurozone fell further last month.
S&P Global’s final manufacturing Purchasing Managers’ Index (PMI) fell to 47.3 in March from February’s 48.5 and just ahead of a preliminary reading of 47.1.
Elsewhere in the U.K., the March final manufacturing was finalized at 47.9, down from February’s 7-month of 49.3.
The pan European Stoxx 600 edged down 0.03%. The U.K.’s FTSE 100 climbed 0.54% and France’s CAC 40 gained 0.32%. Germany’s DAX drifted down 0.31%, while Switzerland’s SMI edged down 0.12%.
Among other markets in Europe, Austria, Czech Republic, Greece, Iceland, Netherlands, Norway, Poland, Portugal, Russia and Turkiye ended higher.
Belgium, Denmark, Finland, Ireland, Spain and Sweden closed weak.
In the UK market, BP and Shell gained about 4.3% and 4.2%, respectively. Imperial Brands shares gained 2.3% after the company said it has instructed Barclays Capital Securities to purchase up to 500 million pounds of its shares as part of the second tranche of its share buyback drive of up to 1 billion pounds announced in 2022.
Centrica, Barclays, Land Securities, Standard Chartered, Coca-Cola HBC, HSBC Holdings, Endeavour Mining, Lloyds Banking Group, British American Tobacco, Prudential and Unilever gained 1 to 2.3%.
Glencore, M&G, United Utilities, IAG, Ocado Group, Severn Trent, Next, Rio Tinto and Antofagast lost 1.3 to 2.6%.
British ailing cinema chain Cineworld Group plunged more than 30% percent after announcing a debt restructuring with its biggest lenders.
In Paris, TotalEnergies surged nearly 6%. Societe Generale, Renault, Airbus Group, Danone, BNP Paribas and L’Oreal gained 1 to 2.5%.
ArecelorMittal ended nearly 4% down and WorldLine drifted down 2.6%. Essilor, Schneider Electric, Vnici, Dassault Systemes and Kerring lost 1 to 1.7%.
In the German market, Siemens Energy surged nearly 4.5%. Fresenius Medical Care, Deutsche Bank, Beiersdorf and BASF gained 1 to 1.7%.
Puma, Hannover Rueck, Sartorius, Merck, Daimler and Infineon Technologies ended lower by 2 to 2.5%.
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