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July 13, 2005

Eurofirst closes on 3 year high

Permalink: Eurofirst closes on 3 year high
by Brian Turner

Eurofirst closes on 3 year high

The FTSE Eurofirst 500 closed at another three-year high on Wednesday as it rose 0.6 percent to 1,159.54.

The information technology sector and oil stocks were both up on the day. The success of the information technology sector, which was up 1.6 percent on the day, helped chip making equipment manufacturer ASML win back losses that had come with the news that its order’s have been below predictions.

AMSL gained 2.2 percent to €14. In oil stocks, Spain’s Cepsa gained 3.5 percent to €41.09, while Statoil gained 1.2 percent to NKr146.

Results from the retail sector were not as positive. Shares in Carrefour, the world’s second-biggest retailer, were down 2.4 percent to €39.05 on a report of slow sales in the second quarter.

UBS cut its price target on the retailer’s stock from €42 to €38, explaining its action by saying that there is no evidence that sales will recover.

Morgan Stanley, however, kept its rating for Carrefour at “overweight”.

Other retailers also lost ground, with Casino Guichard losing 2.6 percent to €57.05, while PPR was down 1.4 percent to €83.60.



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