Oil prices dent transport and construction success on Eurofirst
by Brian Turner
Equity markets in Europe were down in mid-afternoon trading on Tuesday despite good performance in the construction and transport sectors as oil prices went higher and Wall Street got off to a poor start.
In the construction sector, Spanish builder Actividades de Construccion y Servicios gained 2.2 percent to €20.21 on a good first-quarter earnings report. HeidelbergCement rose 0.8 percent to €48.38 and Fomento de Construcciones ye Contratas was up 1.2 percent to €43.51. However, Grupo Ferrovial fell 1 percent to €46.11.
The transport sector did even better as P&O Nedlloyd, a Dutch container ship group, was up 16 percent to €48.47 after reports that it is talking merger with Maersk Sealand, a larger rival. Moeller Maersk, which spawned Maersk Sealand, was up 4.6 percent to Dkr54,500.
Fraport, the Frankfurt airport operator, advanced 3 percent to €32.75 on a better-than-expected quarterly report.
The FTSE Eurofirst 300 fell 0.7 percent to 1,074.37. Xetra Dax was down 0.8 percent to 4,256.43. The CAC-40 declined 0.5 percent to 3,998.48.
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