Eurofirst down on day, week

| June 16, 2006 | 0 Comments

The FTSE Eurofirst 300 was down for the day on Friday as well as lower for the week as a whole. The 300 lost 0.6 percent on the day to 1,260.8, a loss of 1.2 percent during the week as investors seemed to ignore positive economic data.

In the telecommunications sector, Telefonica declined by 1.6 percent to €12.79, while TeliaSonera dropped 10.9 percent to SKr40.00 after it made public plans to enter the Spanish mobile phone market.

Aircraft manufacturer EADS lost 24.7 percent to €20.00 after it said it would lose €2 billion in profits in the next four years due to delays in delivery of the new Airbus A380 superjumbo jet. Further hurting the company, some executives had to admit mistakes in selling shares just weeks before the delays were made known to the public.

In the banking sector, Credit Agricole added 0.1 percent to €28.02 after offering for Greek bank Emporiki, which added 12.2 percent to €26.30 on news of the bid.

Pharmaceuticals were mixed. Bayer added 0.6 percent to €33.31 after it triumphed over Merck in a bidding battle for Schering and received an upgrade from “hold” to “add” from WestLB. Merck dropped 0.2 percent to €73.80, while Schering was up 3.4 percent to €89.14.

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