Market Updates
Europe Movers: BT, Bankia, Electrolux, Popolare, Tate & Lyle
Barry Randall
01 Feb, 2013
New York City
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BT Group soared 7% after it reported higher than expected adjusted operating earnings. Banca Popolare di Milano may restructure as a joint stock company. Stocks in Madrid declined after financial regulator lifted a ban on short selling. Tate & Lyle fell on sucralose sales outlook.
BT Group soared 7% to 265 pence after the U.K. based largest fixed line phone company posted third quarter adjusted operating earnings of 1.55 billion pounds, beating the estimate of 1.52 billion pounds.
Banca Popolare di Milano increased 10% to 54.50 euro cents after a report in Repubblica said that the bank may reorganize as a joint-stock company. According to a presentation to union members from Chairman Andrea Bonomi, the company is planning to complete the transition by October.
Bankia SA plunged 10% to 46 euro cents after Spanish authorities lifted the ban on short selling. Fomento de Construccion & Contratas plunged 10% to 9 euros and Santandaer SA declined 4% to 5.96 euros.
Credit Agricole SA increased 3.3% to 7.52 euros despite the news that the fourth quarter earnings may take a hit on goodwill impairment charges of 2.68 billion euros.
Societe Generale and BNP Paribas gained more than 1.8%.
Electrolux declined 7% to SK155.90 after the second largest home appliance maker reported fourth quarter net income of SK291 million, missing the consensus estimate of SK320 million.
Tate & Lyle Plc decreased 0.9% to 805 pence after the sugar and sweetener maker estimated lower sucralose volume for the full year compared to previous year.
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