European Markets Drift; Club Med Surges

Mayank Mehta
25 Sep, 2009
New York City

European stocks closed lower as investors prepare for the earnings season in two weeks. Club Med surges on media speculation of an impending buyout offer. EADS is looking for extra

[R]7:00PM Frankfurt, Paris; 1:00 PM New York – European stocks closed lower as investors prepare for the earnings season in two weeks. Club Med surges on media speculation of an impending buyout offer. EADS is looking for extra €800 million greener and faster planes. Groupe Flo increased after raised €20 million.[/R]

In London FTSE 100 Index closed higher 2.93 or 0.06% to 5,082.20, in Paris CAC 40 Index decreased 19.22 or 0.51% to close at 3,739.14, in Frankfurt DAX index lower 23.80 or 0.42% to close at 5,581.41. In Zurich trading SMI decreased 38.53 or 0.61% to close at 6,236.91.

Gainers & Losers

Arcandor AG closed unchanged at €0.30.

Beiersdorf increased 2.2% €39.23 and Henkel AG added 1.9% to €28.51 after positive comments from analysts.

Club Mediterranee SA the vacation club operator and travel organizer surged 5.8% to €15.51 after L’Expansion magazine reported that Bernard Tapie and Christian Audigier may partner to bid for the company.

Dassault Aviation SA the global aviation industry fell 0.6% to €483.00.

Daimler AG the maker of Mercedes-Benz cars climbed 0.8% to €33.99.

Delfingen Industry SA rose 3.6% to €9.78 after the automotive cable maker said the fund set up by Renault, PSA Peugeot and French state for the modernization of OEMs has decided to contribute €3 million to the company.

Deutsche Lufthansa AG the airline fell 2.6% to €11.85.

Electricite de Strasbourg SA declined 0.06% to €39.27 and the electricity distributor said Henri Proglio, current head of water utility Veolia Environnement said he was not looking to move from his current position.

EADS NV fell 1.6% to €14.77 needs at least an extra €800 million ($1.2 billion) over six years to develop greener and faster planes, Chief Operating Officer Fabrice Bregier told Le Figaro newspaper.

Groupe Flo SA advanced 1.3% to €3.65 after the restaurant chain and catering outlet operator raised €20.2 million to repay its debt.

HeidelbergCement AG the cement maker rose 0.2% to €42.50.

Juventus Football Club SpA fell 0.8% to €1.03 an organizer of the soccer matches said full-year revenues rose 18% to €240.4 million from €203.7 million a year ago. Net profit in the full-year was €6.6 million compared to net loss of €20.8 million a year ago.

Lagardere SCA rose 0.02% to €32.26 after the publisher priced a €1 billion, five-year bonds due in 2014 with an annual coupon of 4.875%. The bond offering was oversubscribed 5.8 times according to Arnaud Lagardere. Barclays, BNP Paribas, Calyon CIB, Natixis and Societe Generale acted as joint book runners.

NicOx SA rose 1.8% to €9.78 after the biopharmaceutical company said that a new drug application for naproxcinod has been submitted to the U.S. FDA seeking approval for an indication for the relief of the signs and symptoms of osteoarthritis.

Securidev SA the maker of conventional and electronic locks declined 5.1% to €18.50 after it estimated full year revenues to decline 15%.

Veolia Environnement added 0.02% to €26.15 after the provider of environmental management services said French state-controlled power group EDF could raise its stake in waste water and transport firm Veolia to 13-14% t as Veolia''s boss is set to go to EDF, the Les Echos newspaper said on Friday.

Wacker Chemie AG increased 4.3% to €105.34 after the maker of materials used in microchips was upgraded to “overweight” from “equal weight” at Morgan Stanley.

DAX Index Movers

Man SE led the decliners in the DAX index of 3.29% followed by losses in ThyssenKrupp AG of 2.97%, in Deutsche Lufthansa AG of 2.64%, in Linde AG of 1.59%, in Salzgitter AG of 1.52%.

Beiersdorf AG led gainers in the DAX index with a rise of 2.56% followed by increase in Henkel AG of 2.19%, in Fresenius Medical Care AG & Co. of 1.76%, in Adidas AG of 1.44%, in Deutsche Bank AG of 1.21%.

CAC-40 Index Movers

Vallourec S.A. led the decliners in the CAC-40 index of 3.20% followed by losses in STMicroelectronics N.V. of 3.06%, in Alstom SA of 2.15%, in Bouygues SA of 1.96%, Renault SA of 1.95%.

Alcatel Lucent gainers in the CAC-40 index with a rise of 3.00% followed by gainers in PSA Peugeot Citroen S.A of 1.50%, Michelin SCA of 1.04%, in Sanofi-Aventis of 1.00%, in France Telecom S.A of 0.80%.

FTSE 100 Index Movers

Of the stocks in the FTSE 100 index, 44 increased, 55 declined and 3 were unchanged.

Tui Travel Plc decliners in the FTSE 100 index with a loss of 3.75% followed by losses in Lloyds Banking Group Plc of 3.41%, in Old Mutual Plc of 3.04%, in Vedanta Resources Plc of 3.04%, in Eurasian Natural Resources Corporation Plc of 3.02%.

Tullow Oil Plc led gainers in the FTSE 100 index with a rise of 3.16% followed by increase in Compass Group Plc of 2.42%, in British Sky Broadcasting Group Plc of 2.32%, in GlaxoSmithKline Plc of 1.78%, in Pearson Plc of 1.71%.