Apr. 8, 2015, 3:48 AM
- European energy shares are having a party in early trading following confirmation of Shell's blockbuster deal to buy BG Group for $70B.
- Tullow Oil (OTCPK:TUWLF) soars 11.5%, BP (NYSE:BP) is +4.2%, Repsol (OTCQX:REPYY) +2.2%, Total (NYSE:TOT) +1.3% and Eni (NYSE:E) +1.5%. The STOXX Europe 600 Oil & Gas index is +5.4%.
- "The deal is done on a net asset value basis, and the good price tag is set to trigger some re-rating across the whole sector," says a Paris-based trader.
- ETFs: XLE, ERX, VDE, OIH, XOP, ERY, FCG, DIG, GASL, DUG, IYE, XES, IEO, IXC, IEZ, PXE, IPW, PXI, FENY, PXJ, PSCE, RYE, FXN, GNAT, DDG, FILL