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Sunday 12th of October 2008
July 26, 2006

Eurofirst up on oil, steel


by Elaine Frei

The FTSE Eurofirst 300 was 0.4 percent higher on Wednesday to close at 1,320.81. Oil stocks helped the gains.

The semiconductor sector saw declines on the day. ASML dropped 0.8 percent to €14.92 and Infineon was down 2.4 percent. STMicroelectronics fell 3.1 percent to €11.63. While its second-quarter report reached expectations, forecasts for the third quarter were lower than investors wanted to hear. Dresdner Kleinwort reconfirmed its “reduce rating” and target share price of €11.50, saying it is looking for a slowing of demand across the sector.

Telecom Italia was down again, by 1.3 percent to €2.07, as investors worried after a second quarter report that disappointed.

In the automobile manufacturing sector, Peugeot fell 10.1 percent to €41 after dropping as low as €40.07 earlier in the session. It cited rising raw materials prices in issuing a downward-revised second-half outlook. Even so, WestLB reiterated its “buy” recommendation.

Gains in the oil sector included a gain of 1.6 percent to €52.55 for Total, while OMV added 3.7 percent to €48.75.

In the steel sector, Arcelor was up 8.6 percent to €43 on the news that Mittal Steel has accumulated 92 percent of Arcelor’s shares as it nears completion of its takeover.

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