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Saturday 27th of September 2008
July 26, 2005

FTSE Eurofirst 300 gains to new high


by Brian Turner
FTSE Eurofirst 300 gains to new high

The FTSE Eurofirst 300 gained 0.02 percent on Tuesday to 1,170.91, a new three-year high. Positive news from the telecommunications sector and a significant rise in business confidence in Germany overcame poorer results in the automobile sector.

PSA Peugot Citroën, the second-biggest automobile manufacturer in Europe, reported first half profits well below expectations. The company blamed the shortfall on higher prices for raw materials and unfavorable accounting changes. Shares in the company lost 1.7 percent to €50.80.

Elsewhere in the automobile sector, Renault lost 1.6 percent to €75.50, BMW fell 1.6 percent as well to €38.63, and DaimlerChrysler lost 0.4 percent to €35.81.

The telecommunications sector did much better. Tele2 reported better than expected earnings, SKr1.69 billion before interest and taxes, and its shares added 10.2 percent to SKr86.25. TeliaSonera was also helped by the news, gaining 4.2 percent to SKr39.60.

In addition, France Telecom was up 2 percent to €24.37, Deutsche Telekom rose 1.4 percent to €16.19, Telecom Italia gained 1.5 percent to €2.6575, and KPN added 2.7 percent to €7.14.

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