Eurofirst gains on US news
by Brian Turner
News out of the United States helped the European equities market to end the week on an up note.
U.S. company Intel, the largest maker of memory chips in the world, announced on Thursday a forecast of 10 percent sales growth for 2005 that sent the European semiconductor sector up.
Infineon rose 9.8 percent on the week to end at €7.06 on Friday. This was after hitting a low of €6.40 on April 29.
The French-Italian STMicroelectronics rose 3.3 percent on the week to €11.25. ASML, which makes chipmaking equipment, rose 6 percent for the week, ending at €11.78.
Nokia continued to rise on a good first quarter report and was up 7.1 percent on the week to stand at €13.20.
US events in the automobile sector also helped the European carmaking sector, as Kirk Kerkorian offered cash for 28 million shares of General Motors and both GM and Ford were downgraded to junk status by Standard & Poor’s.
Fiat rose 9.8 percent for the week to €5.63. Volkswagen was up 4.5 percent for the week to end at €33.68, while DaimlerChrysler rose 3.7 percent this week to €31.47 and Renault was up 3.4 percent on the week to €66.90.
The FTSE Eurofirst 300 was up 2.5 percent on the week to 1,086.5. 0.5 percent of the rise came on Friday.
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