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CAC 40 Rebounds As Norway Strike Called Off

French stocks advanced on Wednesday and natural gas prices fell sharply, as an end to strike by Norwegian oil and gas workers eased worries of energy supply crunch.

A major energy crisis in Europe has been averted for now after the Norwegian government reportedly intervened to resolve the dispute over pay.

The benchmark CAC 40 rose 60 points, or a little over 1 percent, to 5,855 after declining 2.7 percent on Tuesday.

Among the top gainers, Capgemini, Essilor Luxottica, Airbus Group, Alstom, Dassault Systemes and L'Oreal jumped 2-3 percent.

Car parts maker Faurecia slumped 6.7 percent after Barclays double-downgraded its rating on the stock to "underweight."

Banks declined, with BNP Paribas, Credit Agricole and Societe Generale falling 1-3 percent.

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