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Friday 11th of April 2008
September 19, 2006

German investor sentiment sends Eurofirst lower


by Elaine Frei

In Europe on Tuesday, the FTSE Eurofirst 300 dropped 0.6 percent to 1,366.20. Among the influences sending stocks lower was new data showing German investor sentiment lower, a slow start in the New York markets, and a state of emergency that was declared in Thailand due to an attempted coup there.

The telecommunications sector was in the news during the session. Telecom Italia dropped 1.4 percent to €2.17 on the news that its unions have called a strike for October 3 to protest TI’s restructuring. Also hurting the Italian telecom’s share price was a broker downgrade from Morgan Stanley, which lowered TI’s rating from “equal weight” to “underweight” and dropped its target share price from €2.50 to €2.10.

Elsewhere, the telecoms were more successful. Deutsche Telekom overcame the news of the German confidence decline to add 0.2 percent to €11.71. Morgan Stanley issued an upgrade from “equal weight” to “overweight” and set its target share price at €13.10. Sonaecom gained 4.9 percent to €5.19 as investors hoped that the Portuguese government will allow it’s hostile bid for Portugal Telecom, which was 0.4 percent higher to €9.79, to go forward.

The semiconductors sector was lower on the session even though both Credit Suisse and Deutsche Bank issued positive comments. STMicroelectronics dropped 0.5 percent to €13.11, while Infineon declined by 1.4 percent to €9.61.


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