|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Wednesday 31st of October 2007

FM Main:

FM News:

FM Features:

FairInvestment:

Eurofirst down for third straight day


by Elaine Frei
September 7, 2006

The FTSE Eurofirst 300 was down for a third consecutive day on Thursday as investors continued to worry that the US Federal Reserve could raise interest rates again soon. The Eurofirst was 0.9 percent lower to 1,351.32, its lowest level in a month.

The automobile manufacturing sector saw declines. BMW dropped 1.6 percent to €38.97 on the news that sales dropped by 10.9 percent in August. That announcement sent the rest of the sector lower as well. Volkswagen and Renault each fell 2.1 percent, to €62.05 and €88 respectively.

Aerospace company EADS was 4.4 percent lower to €21.79 when BAE Systems said it is determined to sell its 20 percent portion of Airbus to EADS.

LVMH was down by 3.3 percent to €77.75 when its interim report did not meet analyst expectations. The luxury goods group’s margins in its wine and spirits unit were under pressure. Still, J. P. Morgan reiterated its “overweight” recommendation and its target share price of €94 on the stock. The news sent Christian Dior down 3.5 percent to €78.25 despite a gain of 45 percent in its profits in the first half. Dior owns a controlling share of LVMH.

Retailer Ahold added 4.1 percent to €7.65 on a 60 percent gain in net profits in the second quarter, mostly due to better than expected performance in its US foodservice distribution and supermarket units. The results have halted, for the time being, calls for Ahold to sell its US business and concentrate on its European concerns.



Email This Post Email This Post Print This Post Print This Post

Discuss this in the Finance Markets forums

Add to Bookmarks:

ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

Previous: « Sony loses more ground on PlayStation delay
Next: Engineering sector lower in London »

Visited 166 times, 1 so far today