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European midday: Shares turn positive
Wed, 08 Feb, 2012
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European midday: Shares turn positive
Fri, 27 Aug 2010, 11:32:00
Europe's main markets are slightly higher in midday dealings as strong utilities and energy stocks offset weak banks. Investors are also cautious ahead of US gross domestic product figures released this afternoon and what the figure will say about the health of the US economy. On this side of the pond, defensive stocks are going well. Telecoms such as <b>Deutsche Telekom</b> and<b> France Telecom</b> are in demand, while utilities <b>RWE</b> and<b> E.ON</b> are also up. On the downside, banks are a weak spot after ratings agency S&P suggested management at <b>Barclays, Lloyds</b> and<b> RBS</b> played only a bit part in their recovery, with government stimulus programmes far more important. German rivals <b>Commerzbank</b> and <b> Deutsche Bank</b> are also down. Across the markets, the Dax in Frankfurt gained 6 points to 5,919, while the Cac in Paris is 3 points higher at 3,478. Spanish airline<b> Iberia</b> swung to a better than expected second-quarter net profit of €31m. On the economic front, Britain's economy grew more than initially thought in the second quarter. Gross domestic product grew by 1.2% during the three months to June, an even higher reading than the better than expected 1.1% growth reported for the period last month. <b>CAC 40 - Risers</b> Vivendi (VIV) € 17.86 +2.88% Vinci (DG) € 34.92 +2.27% Carrefour (CA) € 35.24 +1.88% Bouygues (EN) € 32.27 +0.95% France Telecom (FTE) € 16.27 +0.90% Suez Environnement Company (SEV) € 12.61 +0.88% Michelin (ML) € 59.48 +0.76% Unibail-Rodamco (UL) € 146.25 +0.76% Air Liquide (AI) € 81.98 +0.58% ArcelorMittal SA (MT) € 22.58 +0.56% <b>CAC 40 - Fallers</b> EADS (EAD) € 17.19 -4.21% Essilor International (EI) € 47.04 -2.40% ST Microelectronics (STM) € 5.47 -1.85% Vallourec (VK) € 66.28 -1.37% Lagardere SCA (MMB) € 28.89 -1.35% Pernod Ricard (RI) € 59.69 -1.34% Accor (AC) € 24.10 -1.23% Schneider Electric (SU) € 82.52 -1.13% LVMH (MC) € 91.12 -0.95% L'Oreal (OR) € 77.95 -0.94%
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