23/02/2007 15:41
European equity markets were flat at midday on Friday, as support from resource stocks was undermined by profit taking in the financial sectors.
The FTSE Eurofirst 300 was flat at 1,539.37, Frankfurt’s Xetra Dax was also unchanged at 6,974.21, the CAC 40 in Paris fell 0.1 per cent to 5,700.18 and London’s FTSE 100 shed 0.1 per cent to 6,374.7.
The technology sector was led higher by Alcatel-Lucent, the Paris-listed telecommunications equipment group, after a US court ruled in its favour against software giant Microsoft over an MP3 patent infringement. Microsoft was ordered to pay Alcatel-Lucent $1.52bn in damages. Shares in the French company gained 2.4 per cent to €10.07.
Deutsche Börse was in focus after Atticus Capital, the New York-based hedge fund, increased its stake in the German stock exchange operator from 7 per cent to 11.7 per cent and encouraged the company to spin off or sell its Clearstream division. Its shares gained 1.2 per cent to €163.67
Lafarge, the world’s largest cement group, reversed earlier gains as investors took profits after the company reported a 25 per cent rise in full-year net profit and issued an upbeat outlook statement. The shares slipped 0.3 per cent to €119.19.
Oil groups were higher after crude prices rose above $61 a barrel on the New York Mercantile Exchange. Statoil, the Norwegian group, was up 1.9 per cent at NKr161.50, while Neste Oil, which was raised from “sell” to “neutral” by Goldman Sachs, gained 1.6 per cent to €25.31.
Fresenius Medical Care, the dialysis provider, gained 1.6 per cent to €112.63 after its stronger-than-expected results, reported in the previous session, prompted Goldman Sachs to raise its price target from €120 to €125. Fresenius, the parent company, gained 2.2 per cent to €57.82.
Profits were taken in financial stocks after some strong results in recent sessions. Greece’s EFG Eurobank fell 1.8 per cent to €29.56 after Deutsche Bank said it was placing 7.5m shares, or 2 per cent of the share capital, at no lower than €25 a share.
The FTSE Eurofirst 300 was flat at 1,539.37, Frankfurt’s Xetra Dax was also unchanged at 6,974.21, the CAC 40 in Paris fell 0.1 per cent to 5,700.18 and London’s FTSE 100 shed 0.1 per cent to 6,374.7.
The technology sector was led higher by Alcatel-Lucent, the Paris-listed telecommunications equipment group, after a US court ruled in its favour against software giant Microsoft over an MP3 patent infringement. Microsoft was ordered to pay Alcatel-Lucent $1.52bn in damages. Shares in the French company gained 2.4 per cent to €10.07.
Deutsche Börse was in focus after Atticus Capital, the New York-based hedge fund, increased its stake in the German stock exchange operator from 7 per cent to 11.7 per cent and encouraged the company to spin off or sell its Clearstream division. Its shares gained 1.2 per cent to €163.67
Lafarge, the world’s largest cement group, reversed earlier gains as investors took profits after the company reported a 25 per cent rise in full-year net profit and issued an upbeat outlook statement. The shares slipped 0.3 per cent to €119.19.
Oil groups were higher after crude prices rose above $61 a barrel on the New York Mercantile Exchange. Statoil, the Norwegian group, was up 1.9 per cent at NKr161.50, while Neste Oil, which was raised from “sell” to “neutral” by Goldman Sachs, gained 1.6 per cent to €25.31.
Fresenius Medical Care, the dialysis provider, gained 1.6 per cent to €112.63 after its stronger-than-expected results, reported in the previous session, prompted Goldman Sachs to raise its price target from €120 to €125. Fresenius, the parent company, gained 2.2 per cent to €57.82.
Profits were taken in financial stocks after some strong results in recent sessions. Greece’s EFG Eurobank fell 1.8 per cent to €29.56 after Deutsche Bank said it was placing 7.5m shares, or 2 per cent of the share capital, at no lower than €25 a share.
Related Articles
