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Tuesday 06th of January 2009
May 10, 2005

Oil prices dent transport and construction success on Eurofirst


by Brian Turner
Oil prices dent transport and construction success on Eurofirst

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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