European equities stronger but L’Oreal loses out
by Brian Turner
The European markets were up at midday Friday.: the FTSE Eurofirst 300 was up 0.6 percent to 1,070.04, while Frankfurt’s Xetra Dax was up 0.6 percent to 4,217,27 and the CAC-40 rose 0.5 percent to 3,970.54.
A good first-quarter report from Ericsson helped the technology sector advance. Ericsson’s shares were up 4.3 percent on the report that rose above expectations.
Nokia was up 1.9 percent, STMicroelectronics was up 1.9 percent, ASML rose 1 percent, and Siemens advanced 1.3 percent.
In the biotechnology sector, Serono fell 5.2 percent after a poor first quarter earnings report.
However Solway, the Belgian chemicals and drug company that was downgraded to “sell” by Merrill Lynch last week, saw its shares rise 2.2 percent after Citigroup upgraded it to “buy” from “hold.”
L’Oreal, the French cosmetics group, fell 5.6 percent after being downgraded by almost all analysts after the release of disappointing first-quarter earnings numbers after the close of trading on Thursday.
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