European Markets Down; Accor Up

Mayank Mehta
17 Nov, 2009
New York City

European markets closed lower with weak energy and metal prices. Accor SA, the largest European hotel operator surged after the company set a deadline to split its service business.

[R]7:00PM Frankfurt, Paris; 1:00 PM New York – European markets closed lower with weak energy and metal prices. Accor SA, the largest European hotel operator surged after the company set a deadline to split its service business.[/R]

In London FTSE 100 Index closed lower 36.74 or 0.68% to 5,345.93, in Paris CAC 40 Index decreased 34.10 or 0.88% to close at 3,829.06, in Frankfurt DAX index lower 26.39 or 0.45% to close at 5,778.43. In Zurich trading SMI decreased 46.41 or 0.72% to close at 6,376.40.

Gainers & Losers

A2A SpA climbed 1.6% to €1.31 after the regional utility said third quarter revenues fell 11% to €1.23 billion from €1.34 billion a year ago. Net loss in the quarter was €127 million compared to net profit of €79 million a year ago.

Accor SA added 5.0% to €37.88 after the hotel company Monday said its board will take a decision on the project to separate its hotels and services businesses by the end of the year.

ACEA SpA advanced 1.9% to €7.72 an integrated water service provider said nine months revenues fell 4.8% to €2.18 billion from €2.29 billion a year ago. Net loss in the quarter was €5.1 million compared to net profit of €113.2 million a year ago.

Atlantia SpA the toll motorway builder and operator said nine months revenues rose 2% to €2.69 billion from €2.64 billion a year ago. Net profit in the quarter fell 7.6% to €581.9 million compared to net profit of €630 million a year ago.

CGGVeritas closed unchanged at €4.25 after the seismic surveyor was upgraded to “equal-weight” from “underweight” at Morgan Stanley.

Deutsche Lufthansa AG the airline decreased 1.9% to €11.09.

EADS NV gained 2.6% to €14.11 after the specialized in aerospace, defense and related services said Star Navigation Systems Group Ltd. and Astrium, wholly owned subsidiary of the company, announced the signing of a formal collaboration agreement.

Easydentic SA the publicly traded supplier of security identification systems climbed 2.8% to €8.06.

Fondiaria-SAI SpA an insurance company said third quarter revenues rose 36% to €3.73 billion from €2.74 billion a year ago. Net loss in the quarter was €24 million compared to net profit of €98.3 million a year ago.

Kloeckner & Co SE fell 0.2% to €16.51 after the steel trader was upgraded to “overweight” from “underweight” at HSBC Holdings Plc.

Kuka AG rose 0.8% to €11.75 after the robot maker said Aktiengesellschaft''s Supervisory Board appointed Dr. Walter Bickel as further member of the company''s Executive Board effective November 17, 2009. Dr. Bickel, who was named Chief Operating Officer, will focus on developing and executing the rent cost-cutting program.

Merck KGaA declined 2.7% to €64.97 after the drug and chemicals maker was downgraded to “underweight” from “equal-weight” at Morgan Stanley.

RWE AG fell 0.05% to €62.54 after the utility plans to sell remaining shares in American water.

STADA Arzneimittel AG rose 2.9% to €23.36 after the pharmaceutical sector was upgraded to “buy” from “hold” at DZ Bank AG.

ThyssenKrupp AG added 0.8% to €25.09 after the steelmaker was upgraded to “buy” from “hold” at Societe Generale SA.

TOTAL S.A fell 0.4% to €42.66 an integrated international oil and gas company said transit of natural gas from phase two of Azerbaijan''s Shah Deniz field could be re-routed via Russia if already-difficult talks with Turkey fail, French oil major senior vice-president for Central Asia, Arnaud Breuillac, told Dow Jones Newswires.

Trigano SA increased 6.7% to €12.68 after the maker of recreational vehicles was upgraded to “outperform” from “neutral” at Exane BNP Paribas.

DAX Index Movers

BMW AG led the decliners in the DAX index of 1.97%, followed by losses in Volkswagen AG of 1.81%, in Deutsche Lufthansa AG of 1.77%, in Infineon Technologies AG of 1.70%, Siemens AG of 1.40%.

K+S AG led gainers in the DAX index with a rise of 4.29% followed by increase in Bayer AG of 2.46%, in Beiersdorf AG of 0.71%, in SAP AG of 0.53%, E.ON AG of 0.37%.

CAC-40 Index Movers

Dexia SA led the decliners in the CAC-40 index of 3.47%, followed by losses in Societe Generale SA of 3.11%, in LVMH Moet Hennessy Louis Vuitton SA of 2.51%, in Michelin SCA of 2.33%, Bouygues SA of 2.31%.

Accor SA gainers in the CAC-40 index with a rise of 2.38% followed by gainers in AXA of 1.27%, in Alstom SA of 1.03%, in Vivendi SA of 0.49%, in Cap Gemini SA of 0.47%.

FTSE 100 Index Movers

Of the stocks in the FTSE 100 index, 33 increased, 67 declined and 2 were unchanged.

Man Group Plc decliners in the FTSE 100 index with a loss of 4.18% followed by losses in Lonmin Plc of 3.28%, in Resolution Limited of 3.28%, in British Airways Plc of 3.16%, in Barclays Plc of 2.78%.