Nokia leads Eurofirst on earnings
by Brian Turner
In the European markets on Thursday afternoon, the FTSE Eurofirst 300 rose 0.3 percent to 1,067.76. Xetra Dax was up 0.6 percent to 4,203.29 in Frankfurt, and in Paris the CAC-40 was up 0.5 percent, to 3,967.91.
Nokia was up 5.8 percent on a positive first quarter earnings report, well above expectations.
Other telecommunications companies were up even before the release of Nokia’s report. Ericsson was up 3.5 percent, Alcatel overcame early losses to rise 1 percent, France Telecom was up 2.3 percent, and Telefonica rose 1.5 percent.
Nokia’s news also benefited chipmakers: STMicroelectronics rose 2.9 percent and ASML advanced 1.5 percent.
In the automotive sector, Volkswagen was up 1.8 percent on a better than expected quarterly report, Fiat advanced 4.3 percent, Renault was 2.5 percent higher, and Peugeot was up 1.8 percent.
Pernod Ricard was 7.4 percent higher after it projected that its acquisition of Allied Domecq would provide substantial cost savings. Allied Domecq was up 3.8 percent.
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