FTSE Eurofirst 300 gains to new high
by Brian Turner
The FTSE Eurofirst 300 gained 0.02 percent on Tuesday to 1,170.91, a new three-year high. Positive news from the telecommunications sector and a significant rise in business confidence in Germany overcame poorer results in the automobile sector.
PSA Peugot Citroën, the second-biggest automobile manufacturer in Europe, reported first half profits well below expectations. The company blamed the shortfall on higher prices for raw materials and unfavorable accounting changes. Shares in the company lost 1.7 percent to €50.80.
Elsewhere in the automobile sector, Renault lost 1.6 percent to €75.50, BMW fell 1.6 percent as well to €38.63, and DaimlerChrysler lost 0.4 percent to €35.81.
The telecommunications sector did much better. Tele2 reported better than expected earnings, SKr1.69 billion before interest and taxes, and its shares added 10.2 percent to SKr86.25. TeliaSonera was also helped by the news, gaining 4.2 percent to SKr39.60.
In addition, France Telecom was up 2 percent to €24.37, Deutsche Telekom rose 1.4 percent to €16.19, Telecom Italia gained 1.5 percent to €2.6575, and KPN added 2.7 percent to €7.14.
Discuss this in the Finance Markets forums
Story link: FTSE Eurofirst 300 gains to new high
Add to Bookmarks:
Related financial stories to: FTSE Eurofirst 300 gains to new high
- FTSE Eurofirst 300 reaches 3 year high
- Eurofirst and FTSE make strong half-year gains
- Eurofirst falls on high oil prices
- FTSE 250 hits a new high
- FTSE reaches four-year high
- FTSE 100 moves towards 44 month high
- Eurofirst gains
- Eurofirst on 3 year high
- Eurofirst 300 reaches four-year high
- Eurofirst gains on mergers, auto sector
Previous: « Telecommunications stocks see heavy trading in London
Next: Consumers in China push fast food expansion »
Visited 520 times, 1 so far today