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Europe shares close flat after OPEC deal

Katy Barnato
Ryad Kramdi | AFP | Getty Images

European stock indexes closed flat Thursday, in spite of a strong performance in basic resources and energy stocks as excitement over yesterday's news of a possible OPEC production deal sagged.

The pan-EuropeanStoxx 600 index (^STOXX) closed flat while the U.K.'s basic resources-heavy FTSE 100 (FTSE International: .FTSE) ended Thursday up 0.97 percent, the French CAC (Euronext Paris: .FCHI) index closed 0.25 percent higher and the German DAX (^GDAXI) was 0.4 percent lower.

Oil prices (New York Mercantile Exchange: @CL.1) jumped by nearly 6 percent on Wednesday, but pared some gains on Thursday, after an accord was struck among OPEC members.

The 14-country OPEC oil cartel agreed to seek a cut in crude production when they meet formally in November — paving the way for the first cut in oil supply since 2008. U.S. and European stocks rallied on Wednesday and European ones continue to do so on Thursday, with gains led by oil and gas stocks.

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London-listed Tullow Oil (London Stock Exchange: TLW-GB) was the best performer on the on the Stoxx 600, closing trading nearly 10 percent higher.

"Facing the prospect of another sharp fall in oil prices, OPEC has finally put forward the face-saving measure that they hope will keep a floor on oil prices until the next demand season arrives," a team at Barclays said in a note on Thursday.

OPEC excitement appears to be waning on Wall Street, with stock indexes mostly lower in early trade on Thursday.

German banks remained in focus, amid speculation that Deutsche Bank, the country's largest by assets, could need a state rescue . Shares of the bank continued to recover slightly from all-time lows on Thursday, trading 0.7 percent higher.

Meanwhile, Germany's Commerzbank announced it would make net cuts of 7,300 jobs and stop paying dividends on Thursday. Shares fell 3 percent.

Shares of British outsourcing firm Capita (London Stock Exchange: CPI-GB) plummeted 26 percent after it cut its outlook and reported client delays following the Brexit vote.

Theme park firm Merlin (: @MERLLFDC16J-GB) saw its shares lose 6 percent after it reported that its London attractions were not boosted by the weaker pound (Exchange:GBP=).

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