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August 21, 2006

Cars, semiconductors lower in Europe

Permalink: Cars, semiconductors lower in Europe
by Elaine Frei

The FTSE Eurofirst 300 was 0.1 percent lower on Monday, to 1,356.39, reversing last week’s trend of gains. Among the sectors showing declines were semiconductors, and carmakers, all of which are strongly export-oriented.

Oil stocks gained on the session, however, as crude oil prices were back on their way up. Neste Oil was 1.6 percent higher to €25.71, while Norsk Hydro was up 3 percent to NKr173 and Statoil added 3.2 percent to NKr177.

Among semiconductors, Phillips dropped 0.8 percent to €26.22, while STMicroelectronics and Infineon each fell 1.5 percent, to €12.59 and €8.68 respectively. In related stocks, software group SAP was 1.2 percent lower to €145.38.

The automobile manufacturing sector was also lower on the session. Volkswagen dropped 0.6 percent to €63.44. Renault, BMW, and DaimlerChrysler each were 0.9 percent lower, with Renault at €89.90, BMW at €39.79, and DaimlerChrysler to 41.06. The decline for DaimlerChrysler came after a German court ordered it to pay more in a shareholder dispute going back to the merger between Dailmer and Chrysler in 1998. Porsche fell 14 percent to €787.50.

Elsewhere, utilities Suez and Gaz de France were lower on speculation that their merger might yet not be completed. Gaz de France was 0.7 percent lower to €28.60, while Suez dropped 0.8 percent to €32.68.



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