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European oil sector declines


by Elaine Frei
September 11, 2006

The FTSE Eurofirst 300 dropped 0.5 percent on Monday to 1,349.51despite advances in the telecommunications sector spurred by last week’s gains by Telecom Italia. Oil stocks were lower due to declining oil prices.

Telecom Italia added over 4 percent last week when it became known that it is thinking about selling its wireless division. While trade was suspended on TI on Monday while its board met to consider reorganization, the rest of the sector saw gains. Telefonica was 0.9 percent higher to €13.18, while KPN added 1.4 percent to €9.86, Deutsche Telekom gained 3 percent to €11.57, and France Telecom advanced by 3.5 percent to €17.15. The European fixed-line sector was up 1.5 percent as a whole.

Roche dropped 4.6 percent to SFr215.20 after the US Food and Drug Administration asked for more information about the Avastin cancer treatment currently under review for the treatment of breast cancer. The drug is produced by Genentech, in which Roche owns a controlling interest.

In the oil sector, Neste Oil dropped 2.5 percent to €22.37 even though UBS issued an upgrade. OMV was 3.1 percent lower to €39.40, while Statoil fell 4.8 percent to NKr158.50.

Michelin added 1.6 percent to €52.75 on an upgrade from “neutral” to “buy” from UBS, which also raised the tire maker’s target share price from €46 to €60 on price declines in rubber that it believes is not just temporary.



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