Oil stocks take Eurofirst higher
by Elaine Frei
In Europe on Thursday, the FTSE Eurofirst 300 added 1 percent to 1,318.78 despite more comments from the president of the European Central Bank that point toward future hikes in interest rates in the region.
In the oil sector, stocks advanced even though crude oil prices stepped back from yesterday’s record highs. Neste Oil went as high as €27.90 during the day after Merrill Lynch raised the company’s target share price from €33 to €36. By the close, Neste had retreated to €27.57, still 3.3 percent higher. Meanwhile, Repsol YPF was up 1.9 percent to €22.56, while Statoil added 2.8 percent to NKr181 and OMV gained 3.6 percent to €48.70.
Automobile manufacturers saw some gains on the session. Peugeot was up 0.1 percent to €48.80 on the announcement that global sales were 0.6 percent higher in the first half of 2006. Renault added 2.8 percent to €83.55 even though its sales were weak in the first half of the year.
The airlines sector saw gains despite higher crude oil prices. Alitalia gained 1.1 percent to €0.91 after the an Italian government agency provisionally approved it’s purchase of rival Volare. Lufthansa was up 1.4 percent to €14.52, while Air France-KLM advanced by 1.5 percent to €18.51.
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