European Stocks at 5-Week High as Commodity Producers Advance

European stocks traded at their highest levels since January after posting their longest run of weekly rallies since October.

The Stoxx Europe 600 Index rose 0.1 percent at 8:17 a.m. in London, with energy producers and miners advancing the most as oil climbed.

European equities rallied for three straight weeks, their longest streak since October, after concern that the global economy is slowing and a rout in banks took the Stoxx 600 to its lowest level since September 2013. It’s regained almost 13 percent through Friday, when it closed at its highest level since Jan. 29. Companies on the gauge now trade at 14.8 times estimated earnings, still lower than the multiple of 16.7 reached last April.

Some companies are moving on deals announcements. Old Mutual Plc surged 10 percent after saying it’s considering all options as part of a strategic review. Sky News reported the insurer is drafting a plan to split itself up into standalone businesses. BASF SE slipped 1.3 percent after people familiar with the matter said the company is working with advisers and financing banks on the merits of making a counter bid for DuPont Co., which agreed to a merger with Dow Chemical Co. in December.

Electricite de France SA sank 6.4 percent as its chief financial officer quit following a disagreement with the company’s chief executive officer. Just Eat Plc lost 6.2 percent after saying top managers at the company sold most of their stock.

Source: Bloomberg

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