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Tuesday 02nd of December 2008
November 17, 2006

Eurofirst loses 0.1 percent on week


by Elaine Frei

With an automobile manufacturing sector that fared well early in the week but saw declines later and crude oil prices that fell dramatically at the end of the week, the FTSE Eurofirst 300 was down 0.1 percent over the week to 1,462.05.

The oil sector was down on both the day Friday and over the week as a whole. The worst performers were Statoil, which fell 4.8 percent on Friday and 3.3 percent during the week to NKr167.75 and Norsk Hydro, with declines of 5 percent on the day and 3.8 percent on the week to NKr152.

Car and truck makers were mixed on the week. Volkswagen was up and Porsche declined on rumors that Porsche is getting ready to bid for VW. Porsche, which already owns 27.4 percent of VW, said it wants to increase its holding to 29.9 percent; if it acquires 30 percent, it will be forced to submit a bid. VW added 3.9 percent to €83.09 during the week, while Porsche was 1.6 percent lower to €900.

VW, with large stakes in both MAN and Scania, is also a major player in the efforts of German truck maker MAN to acquire Swedish rival Scania. VW favors the merger while Investor, Scania’s other major shareholder, and Scania’s unionized workers, are against the merger. With rumors circulating this week that Scania is preparing a counter bid, MAN added 2.9 percent over the week to €73, while Scania’s B shares were 2.6 percent lower to SKr475. Investor ended the week at SKr155.50.

The semiconductors sector was higher on the week on strong quarterly reports and ahead of the release of a new iteration of Microsoft’s Windows. STMicroelectronics was up 3.5 percent to €14.11, while Infineon added 5.2 percent to €9.78 and ASML gained 6.5 percent to €19.30.

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Story link: Eurofirst loses 0.1 percent on week


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