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Tuesday 06th of January 2009
June 3, 2005

European equities on good week regardless


by Brian Turner
European equities on good week regardless

Despite bad political news this week, European equities markets had a strong week.

The FTSE Euro first 300 closed at 1,117.56 on Friday. That was down 0.2 percent for the day but a 1.5 percent gain over the week. On Wednesday it had closed at a three-year high of 1,120.59.

The continuing fall of the euro helped export-oriented stocks to perform especially well. The automobile manufacturing sector saw big gains. Shares in Fiat rose 9.1 percent on the week to €5.99. Porsche gained 7.7 percent to €594.50 on a 35 percent rise in US sales last month. BMW rose 3.5 percent to €36.17, and DaimlerChrysler was up 2.3 percent to €33.08.

The semiconductor sector also had a good week. Infineon gained 4.4 percent on the week to €7.52 on word that it had secured a contract to make security chips for German passports. STMicroelectronics was up 4.9 percent to €7.52 and ASML rose to €13.55, a rise of 3.3 percent.

Rising prices on crude oil benefited the oil sector as Royal Dutch advanced by 1.9 percent to €48.35, Eni was up 1.5 percent to €21.17, and Total gained 1.7 percent to €182.60.

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