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European close: Mixed end to choppy week
Wed, 08 Feb, 2012
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European close: Mixed end to choppy week
Fri, 12 Mar 2010, 17:12:00
Europe's main markets closed mixed after a choppy week, with financials and carmakers among the stocks holding on to gains. In the auto sector, <b>Renault, Peugeot </b> and <b>Volkswagen</b> were going well, while <b>Commerzbank, Deutsche Bank, Societe Generale, Credit Agricole</b> and <b>BNP Paribas</b> were the best performing banking shares. Elsewhere in the banking sector, former bosses at <b>Lehman Brothers</b> have been heavily criticised for employing an accounting "gimmick" that managed to hide the failed bank's insolvency. A year-long investigation into the collapse of Lehman by court-appointed examiner, Anton Valukas, found that ex-chairman and chief executive, Dick Fuld, and senior executives regularly ignored the bank's own risk controls. The Dax in Frankfurt closed 16 points higher at 5,945, with the French Cac down 2 points to 3,927. The Swiss market dropped 15 points to 6,837. Cabin crew at <b>British Airways</b> were to go on strike for three days from March 20 and for four days from 27 March, Unite, the union representing the airline's staff, has said. Norwegian fertilizer firm <b>Yara</b> rallied after it said it wouldn't raise its offer for Terra Industries to top a rival bid. On the downside, <b>Roche</b> was the top faller on the Swiss market after the pharma giant's best-selling cancer drug Avastin did not meet its primary objective in a late-stage prostate cancer trial. The group said the results of a phase III trial showed that the drug failed its primary objective of extending overall survival compared to chemotherapy and prednisone alone. On the economic front, euro zone industrial production saw its strongest monthly gain on record in January, providing some welcome good news for the region. European Union statistics agency Eurostat said industrial production across the 16-nation euro zone spiked a better-than-expected 1.7% in January. Analysts were looking for a 0.7% monthly gain. On an annual basis, industrial production rose 1.4%, compared with December's upwardly revised 4.1% fall.
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