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Tuesday 02nd of December 2008
May 23, 2006

Eurofirst gains on mining, oil


by Elaine Frei

The FTSE Eurofirst 300 saw gains on Tuesday after Monday’s substantial losses, with a rise of 2.4 percent to 1,302.02. The gains came as investors looked for good buys and commodity prices turned upward again.

In the oil sector, including oil companies and companies that service oilfield operations, gains were substantial. Statoil led the way among oil companies, adding 9.8 percent to NKr180. Norsk Hydro gained 8.8 percent to NKr167.50. Neste Oil was up 7.7 percent to €24.35, while OMV advanced by 7.5 percent to €42.99.

Among companies that service the oil industry, toolmaker Atlas Copco was up 11.5 percent on the day to SKr203.50. Its peer Sandvik saw a gain of 8.1 percent to SKr439.50. Italian company Saipem matched Atlas Copco’s 11.5 percent gain to close at €17.782, while Dutch company SBM Offshore, which builds oil production and storage platforms, added 6.9 percent to €81.60.

Banks with exposure to the emerging markets of Eastern Europe, which saw substantial declines earlier, were up significantly on the day. Raiffeisen was up 10.8 percent to €65.40, while Eurobank gained 7.7 percent to €22.84 and Alpha Bank advanced by 2.3 percent to €20.06.

Stock exchange Euronext was up 3.6 percent to €70 after it accepted an offer from the New York Stock Exchange, rejecting the offer from Deutsche Borse. Euronext said that it believed the NYSE offer was in the best interest of shareholders and that regulatory approval for the merger with the NYSE would go more smoothly than an attempt to merge with Deutsche Borse. The news did not hurt Deutsche Borse, which added 1.4 percent to €102.76.

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