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Monday 29th of June 2009
April 25, 2005

Eurofirst up despite weak German growth worries


by Brian Turner
Eurofirst up despite weak German growth worries

At midday on Monday the European markets were up despite worries about weak growth in Germany and concerns over higher oil prices.

The FTSE Eurofirst 300 was up 0.3 percent to 1,076.08. In Frankfurt, the Xetra Dax had risen 0.5 percent to 4,245.76, and in Paris the CAC-40 was up 0.3 percent to 3,993.44.

Crude oil futures were up on speculation of a tight summer market in the U.S., and that sent shares in oil companies higher. Austria’s OMV was up 1.9 percent, BP rose 1.5 percent, and Statoil advanced 1.6 percent.

The automobile manufacturing sector was mostly down, with Volvo down 0.7 percent despite a positive first quarter earnings report. Renault was down as well, by 0.8 percent. Fiat was up, however, rising 0.4 percent.

In the drinks sector, Pernod Ricard fell 1 percent amid rumors that the US company Constellation Brands might be considering a counter bid for Allied Domecq.

The technology sector was generally down. Tele2 fell 4.9 percent on a first quarter earnings report that fell below expectations, Ericsson was down 1.9 percent, and Alcatel fell 0.4 percent.

In the pharmaceuticals sector, German drug maker Schering was up 1.4 percent on a positive first quarter earnings report.

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