STOCKS NEWS EUROPE-StatoilHydro rises; Goldman adds to key list

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08:26GMT 03Sept2008-StatoilHydro rises on bullish Goldman note

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Shares in StatoilHydro (STL.OL) rise after Goldman Sachs adds the company to its 'convcition buy' list.

StatoilHydro shares rise 1.5 percent to 155.4 Norwegian crowns. Goldman says the shares, which it had already rated as 'buy', are now on its 'conviction buy' list as it believes the company offers the best balance of growth and free cash flow generation in the sector.

Goldman upgrades BP (BP.L) to 'buy' from 'neutral' on valuation and the shares rise 0.7 percent to 515 pence.

Total (TOTF.PA) falls 0.6 percent to 47.08 euros after Goldman Sachs downgrades to "neutral" from "buy".

Goldman points to the 25 percent drop in the oil price since mid-July, which it says has led the European oil sector to underperform the market by 9 percent. Goldman says this offers an attractive entry opportunity.