Media, oil take Eurofirst higher

| June 28, 2006 | 0 Comments

European equities markets were up on Wednesday even though investors seemed determined to put off much activity until after the US Federal Reserve announces its decision on US interest rates. Its announcement will come after European markets close on Thursday.

The FTSE Eurofirst 300 added 0.2 percent to close the session at 1,272.25.

Oil stocks were up again as the price of crude oil continued to rise. Total gained 0.5 percent to €49.48, while Neste Oil was up 1.1 percent. Royal Dutch Shell A-shares listed in Amsterdam advanced by 1.5 percent to €25.61.

The media sector saw gains after the takeover saga involving US company Warner Music and the UK’s EMI stepped into the spotlight. Telecom Italia Media, which runs two broadcast television stations, digital channels, and a news agency, added 8.5 percent to €0.3718 after rumors escalated that publisher De Agostini might make a bid. However, Telecom Italia, down 1 percent to €2.118, which holds 69 percent of TI Media, and De Agostini both denied that there was a deal in the works. Elsewhere in the sector, Mediaset added 0.9 percent to €8.93. French broadcaster TF1 added 2.2 percent to €24.78, while its rival M6 gained 1.5 percent to €23.70.

After a decline of 9 percent on Tuesday, Danish shipper AP Möller-Maersk added 2.6 percent to DKr44.100 even though HSBC lowered its recommendation from “overweight” to “neutral” and lowered its target share price from DKr60.155 to DKr47.72.


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