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Eurofirst drops 1.4 percent

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by Elaine Frei

The European equities markets were down on Thursday after political concerns took crude oil prices to new record highs during the day. The FTSE Eurofirst 300 had its largest one-day decline in a month as it dropped 1.4 percent to 1,293.61.

The semiconductors sector was down on the session. STMicroelectronics was 1.1 percent lower €11.76, while ASML dropped 1.6 percent to €15.03 and Infineon was down by 2.7 percent to €8.52.

Ericsson declined by 1.4 percent to SKr22 despite a report from its joint venture with Sony to make handsets reported strong profits in the second quarter.

In the media sector, Premiere added 19.8 percent to €9.88 after the German pay television business secured a contract to show German league football.

The airlines sector was lower on worries about what effect higher fuel prices would have on earnings. Lufthansa dropped 1.9 percent to €14.09, while Iberia declined by 2.5 percent to €1.96 and Air France-KLM was 3.7 percent lower to €18.03.

Carrefour added 1.6 percent to €47.51 after revealing a second-quarter report that showed sales up 8.5 percent. Merrill Lynch upgraded the French retailer from “neutral” to “buy” and set its target share price at €51. However, ABN Amro downgraded Carrefour from “add” to “hold”.

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News posted: July 13, 2006

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