|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Thursday 16th of August 2007

FM Main:

FM News:

FM Features:

FairInvestment:

April 24, 2006

Eurofirst lower despite oil, telecom advances

Permalink: Eurofirst lower despite oil, telecom advances
by Elaine Frei

In Europe on Monday, the FTSE Eurofirst 300 was down 0.6 percent to 1,388.98, although the telecommunications and oil sectors saw gains on the day.

The oil sector was mixed even as crude oil prices continued to rise and ABN Amro began coverage of Norsk Hydro and OMV with “buy” recommendations for both companies. Norsk Hydro gained 1.8 percent to NKr987.50, but OMV dropped 1.8 percent to €56.10. Neste Oil, meanwhile, gained 2.3 percent to €29.55. Oil support group Saipem added 2.3 percent as well, to €21.10.

Deutsche Telekom was up 3.7 percent to €14.16 when private equity investor Blackstone purchased a 4.5 percent stake in the telecom from German state development bank KfW. Elsewhere in the sector, Telekom Austria added 1.3 percent to €19.17 and France Telecom was up 1.1 percent to €18.20 as the Blackstone purchase raised hopes of further consolidations in the sector.

Stock exchange Euronext was up 1 percent to €73.05, primarily on a report that the owner of the Dubai Stock Exchange is planning to bid on the European exchange.

In the steel sector, ThyssenKrupp gained 0.5 percent to €26.97 when it said it anticipates that sales in China and Hong Kong will double in the fiscal year and on an upgrade from HSBC from “neutral” to “overweight”. HSBC also raised the steelmaker’s target share price from to €31, up from €18.

Despite a 32 percent rise in earnings in the first quarter, Swiss pharmaceutical company Novartis dropped 1.2 percent to SFr72.50 on the news that it plans to hire 1,000 new sales staff.



Email This Post Email This Post Print This Post Print This Post

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

No Comments

No comments yet.

Sorry, the comment form is closed at this time.


Previous: « Exporters, domestic sectors lower in Tokyo
Next: Banks hurt London markets »

Visited 38 times, 1 so far today