Europe Movers: Assa Abloy, Bankia, BMW, Clariant, Thomas Cook

Lyubov Smirnova
27 Dec, 2012
New York City

Thomas Cook extends gains on better than expected 2012 revenues. Resource stocks gained in London trading after metals prices trade higher. Bankia plunged 19% after parent company was estimated with negative book value.

Assa Abloy AB added 2% to 244.55 kronor and it agreed to acquire Texas based 4Front Engineered Solutions Inc for an undisclosed amount. 4Front is estimated to generate revenues of $165 million in 2012.

Bankia, the Spanish bank under government supervision, tumbled 19% to €55.75, the lowest in six months. Spanish bank rescue fund said its parent bank has negative value of €10.4 billion.

BMW gained 1% to €73.45 after a report Die Welt publication noted that Chief Financial Officer Friedrich Eichiner said that he is confident that the automaker has crossed the 2011 profit.

Clariant increased 3% to Sfr12.20 after the specialty chemical maker sold units for Sfr502 million. The company sold one unit to a U.S. based leveraged buyout company SK Capital Partners.

Evraz Plc gained 1.8% to 259 pence after the steel maker received anti-trust approval to increase its stake in Russia coal miner OAO Raspadskaya.

Resource stocks gained after prices of base and precious metals increased in London trading. BHP Billiton Ltd added 0.7% to 2,156 pence and Rio Tinto Group added 0.9% to 3,541 pence.

Thomas Cook Group Plc extended gains by 6% to close at 47.50 pence after the company is estimated to exceed its sales target this year. The tour operator has launched a 10% discount to encourage UK travelers to book 2013 vacations early.

Thomas Cook stock has more than doubled since November and jumped three-fold in the year after the company was saved from a total collapse with emergency loans.

Volkswagen AG increased 0.9% €172.30 after the luxury unit Audi said it plans to spend €13 billion in new model development and manufacturing expansion.