European Indexes Rebound; Basler Up, Praktiker Down

Arthi Gupta
30 Mar, 2011
New York City

The European indexes soared after better-than-estimated global economic data. Sovereign debt worries were in focus but stocks in the region traded higher. Bilfinger Berger reported fiscal year 2010 net surged.

[R]2:00 PM Frankfurt – The European indexes soared after better-than-estimated global economic data. Sovereign debt worries were in focus but stocks in the region traded higher. Bilfinger Berger reported fiscal year 2010 net surged.[/R]

European markets traded higher a day after sovereign debt worries resurfaced and bank in Italy were in focus. Also in economic news Spain reported inflation at 3.6% in March and retail sales declined 4.8% in February.

In Paris CAC-40 index gained 31.29 or 0.78% to 4,019.09 and in Frankfurt DAX index edged higher 111.76 or 1.61% to 7,046.20.

World stocks traded higher on optimism of global economic recovery.

Private sector employment in the U.S. increased significantly by 201,000 jobs in March, according to a report released by payroll processor ADP.

Industrial production in Japan rose 0.4% in February following the 1.3% gain in January. On an annual basis, industrial production climbed 2.8% following the 3.5% increase in January.

DuPont Extends Danisco Tender Offer Period

DuPont Denmark Holding ApS, the wholly owned subsidiary of EI DuPont de Nemours & Co. said it is extending the tender offer period relating to its acquisition of Danisco A/S shares.

According to DuPont, the extension provides additional time to secure the necessary approvals from the competition authorities in the European Union and China.

Sonova Executives Resign

Sonova Holding AG, the Swiss hearing systems maker said its chief executive officer Valentin Chapero and chief financial officer Oliver Walker resigned following an investigation. In addition, the Chairman of the Board of Directors, Andy Rihs, declared that he will step down as Chairman.

The company said that the investigation showed weaknesses in internal processes and internal rules were not enforced in the run-up to the profit warning announcement on March 16.

Gainers & Losers

Basler AG surged 3.20% to €13.88 after the German maker of machine vision technology stated fiscal year 2010 turnover rose 51.3% to €51.0 million from €33.7 million a year ago. Earnings before taxes were €5.0 million compared to loss of €7.3 million in the previous year.

Bilfinger Berger AG dipped 0.13% to €61.22 after the international services and construction group reported fiscal 2010 revenues grew 8.5% to €8.01 billion from €7.38 billion a year ago. For the full year, net profit increased 103% to €284 million or 6.43 euros per share from €140.2 million or 3.79 euros per share reported in the prior year.

Immofinanz Ag gained 1.72% to €3.20 after the property investor reported for the nine-month period from May 2010 to January 2011 revenues rose 4% to €558.6 million versus €536.8 million last year.

Net profit for the period rose 3.7% to €229.3 million from €221.1 million in the comparable period prior year. On a per share basis too, earnings grew to €0.23 from €0.20 year ago.

Praktiker Bau- und Heimwerkermärkte Holding AG plunged 4.38% to €8.12 after the home improvement retailer said fiscal year 2010 sales declined 5.9% to €3.45 billion from €3.66 billion a year earlier. Net loss for the period widened 261% to €33.6 million or 0.60 euros per share compared to a net loss of €9.3 million or 0.18 euros per share a year ago.

SMA Solar Technology AG declined 1.21% to €83.98 after the manufacturer of photovoltaic inverters reported fiscal year 2010 Group sales more than doubled to €1.9 billion from last year''s €0.9 billion with around 45% of sales coming outside of Germany.

Consolidated profit for the year increased 125% to €365 million or 10.52 euros per share from €161 million or 4.64 euros per share a year ago.

STADA Arzneimittel AG rose 0.80% to €27.03 after the German pharmaceutical company stated fiscal 2010 group sales increased 4% to €1.63 billion from €1.57 billion in the previous year.

For the full year, net income declined 32% to €68.4 million or 1.16 euros per share from €100.4 million or 1.71 euros per share reported a year ago.