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Europe close: Stocks improve late on
Wed, 08 Feb, 2012
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Europe close: Stocks improve late on
Wed, 10 Mar 2010, 16:51:00
Bourses responded well to a decent start on Wall Street, which continues to trade at levels last seen in January, with banks among the best performers. Investors liked finance plays like <b>Credit Agricole</b> and <b>Societe Generale</b> in Paris, while <b>Commerzbank</b> and <b>Deutsche Bank</b> were in demand over in Frankfurt. Defence giant <b>EADS</b> fell for a second day despite Tuesday's better than feared results for 2009 as weaker earnings guidance for this year kept buyers away. Nomura remains positive, but accepts that the stock may have lost some momentum due to unforeseen "cost escalations" that look set to weigh on underlying earnings at Airbus in 2010. Across the markets, the German Dax rose 48 to 5,934 and the French Cac 33 points to 3,943. Zurich managed to shrug off a weak pharmaceutical sector, turning early losses into an 11-point gain, ending at 6,879. Belgium's <b>Fortis</b> returned to a full-year profit in 2009 and announced it is changing its name to Ageas. The insurer's net income came in at €1.19bn in the full-year compared with a net loss of €28bn in the same period last year. Fortis's insurance businesses posted an overall profit of €456m. "In 2009 and until today the market environment remained unpredictable and challenging," said chief executive Bart De Smet. "2010 will be another important year during which we will focus on the development of our insurance activities in the interest of the long term future of our company," he added. Elsewhere in the sector, reinsurance groups <b>Swiss Re</b> and <b>Munich Re</b> estimated that the strong earthquake in Chile last month will cost them $500m or more each from the earthquake in Chile. On the economic front, German exports unexpectedly fell in January following four months of gains, official figures showed on Wednesday. Exports dropped 6.3% to €67.9bn in January compared with December 2009, while imports rose by 6% to €59.2bn, according to the Federal Statistical Office. On an annual basis, exports increased by 0.2% and imports dropped by 1.4%. Germany's seasonally adjusted foreign trade balance recorded a surplus of €8.7bn, down from €16.6bn in December, much less than forecasts of €16bn. Elsewhere, Britain's Prime Minister Gordon Brown has confirmed that the 2010 Budget will be delivered on 24 March, six weeks before the anticipated general election date of 6 May. <b>CAC 40 - Risers</b> Credit Agricole (ACA) € 11.97 +3.46% Michelin (ML) € 56.38 +3.09% Dexia (DEXB) € 4.38 +3.06% Schneider Electric (SU) € 85.00 +2.82% AXA (CS) € 16.11 +2.51% Societe Generale (GLE) € 44.64 +2.28% Vallourec (VK) € 145.30 +2.00% Cap Gemini (CAP) € 36.42 +1.93% Bouygues (EN) € 37.73 +1.75% Alcatel-Lucent (ALU) € 2.54 +1.56% <b>CAC 40 - Fallers</b> Accor (AC) € 38.86 -1.12% EADS (EAD) € 15.27 -1.04% Unibail-Rodamco (UL) € 153.80 -0.42% Saint Gobain (SGO) € 36.07 -0.32% Peugeot (UG) € 21.49 -0.26% Suez Environnement Company (SEV) € 16.87 -0.24% Danone (BN) € 44.21 -0.23% ArcelorMittal SA (MT) € 31.20 -0.10% Sanofi-Aventis (SAN) € 56.12 -0.09% L'Oreal (OR) € 79.20 -0.05%
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