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European shares supported by surge in German utilities

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 12 (Reuters) - A surge in the share prices of German utility stocks propped up European shares on Monday, enabling the region's stock markets to remain near one-month highs.

The pan-European FTSEurofirst 300 index, which had risen to its highest level in a month last Friday, was flat while the euro zone's blue-chip Euro STOXX 50 dipped 0.1 percent.

However, Germany's DAX outperformed to rise 0.2 percent, with utilities RWE (Xetra: 703712 - news) and E.ON rising 10 percent and 8 percent respectively.

Both those stocks rose after the German Economy Ministry said on Saturday (Shenzhen: 002291.SZ - news) that the operators of German nuclear power plants had set aside enough funds to pay for decommissioning the country's reactors.

Glencore (Xetra: A1JAGV - news) also rose 1 percent after the mining and trading giant announced plans to sell copper mines in Australia and Chile to reduce its debt pile. (Reporting by Sudip Kar-Gupta; Editing by Atul Prakash)