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Tuesday 02nd of December 2008
January 8, 2007

Tech stocks see gains in Europe


by Elaine Frei

Tech stocks see gains in Europe

The European equities markets were lower on Monday. The FTSE Eurofirst 300 dropped 0.1 percent to 1,484.28.

Despite the declines, there were some significant gains among individual stocks. Swiss reinsurer Converium added 8.8 percent to SFr18.65 after bids rumors and analyst opinion that it would be a good takeover target. Paris Re was said to be one possible interested party. Elsewhere among financial sectors, Swiss private bank EFG International was 0.9 percent higher to SFr42.90 after it said it will purchase PRS Group, a wealth manager based in Miami. EFG was also helped by positive comments from Bear Stearns.

In technology sectors, German software group SAP added 3.4 percent to €42.20 as ABN Amro issued a “buy” recommendation and investors expected good news when fourth-quarter sales data is released. Meanwhile, in the semiconductors sector, ST Microelectronics gained 2.8 percent to €14.53.

German industrial gases group Linde added 3.2 percent to €80.15 when it said it will sell a Polish business to a US company. Linde was also helped when Goldman Sachs European added the chems company to its conviction buy list.

Among losers on the session was EADS, which dropped 1.4 percent to €25.34. It received an order from Air Asia for 50 new planes, but the announcement came in too late to affect Monday’s trade.

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