Axa Raises

123jump.com Staff
03 Dec, 2009
New York City

European markets generally closed lower. The ECB President suggested to wind down various loan programs as the economy recovers in 2010. Air France plans to revamp its European operations. AXA completes

[R]7:00 PM Frankfurt, Paris; 1:00 PM New York – European markets generally closed lower. The ECB President suggested to wind down various loan programs as the economy recovers in 2010. Air France plans to revamp its European operations. AXA completes €2.07 billion rights issue. PSA Peugeot is in talks with Mitsubishi Motors for capital infusion.[/R]

Stocks in Europe looked or direction as commodities declined and Dubai worries receded. The euro advanced against the dollar and the yen. The ECB President Jean Claude Trichet said that the central bank will begin to unwind various lending program as the economy begins its recovery next year.

In London FTSE 100 Index closed lower 14.39 or 0.27% to 5,313.00, in Paris CAC 40 Index increased 3.19 or 0.08% to close at 3,799.11, in Frankfurt DAX index lower 11.33 or 0.20% to close at 5,770.35. In Zurich trading SMI increased 57.54 or 0.90% to close at 6,444.08.

Gainers & Losers

Air France-KLM added 2.2% to €11.20 after the airline company plans to renegotiate working conditions with pilots and cabin crew as part of a drive to restructure its European network and boost profitability by €120 million, Les Echos reported.

Auplata SA the gold producer advanced 0.6% to €4.70.

AXA SA fell 0.5% to €24.56 after the insurer said Wednesday completed a rights issue that raised around €2.1 billion of fresh capital.

BASF SE the chemical maker rose 1.6% to €42.28.

Daimler AG increased 0.8% to €35.46 and its plan to move the production of C-class vehicles to Alabama, U.S. drew more protests on the fourth the day of the announcement. Daimler plans to shift production as early as 2014 and spread its financial reliance more to the dollar zone and less to the euro areas. The automaker also said it will provide alternative work to the affected 1,800 people at the largest plant in Sindelfingen, Germany.

Deutsche Telekom AG added 0.2% to €10.37.

Douglas Holding AG climbed 0.8% to €34.77 after the makeup and perfume retailer was upgraded “neutral” at UBS AG.

Energie Baden-Wuerttemberg AG the utility rose 1.2% to €40.50.

Hannover Rueckversicherung AG the reinsurer rose 1.1% to €32.84.

HeidelbergCement AG increased 1.7% to €47.70 after the cement maker was upgraded “buy” at Bank of America Merrill Lynch Global Research.

Lagardere SCA rose 0.5% to €30.25 after the publisher was upgraded to “buy” from “add” at AlphaValue.

Pfleiderer AG rose 0.1% to €7.11 after the laminate-flooring maker announced additional cost-cutting measures at the publication of its third-quarter figures on 24 November 2009. Company stated that it had already reduced its variable costs significantly in the years before the crisis.

PSA Peugeot Citroen S.A rose 0.1% to €24.63 after Mitsubishi Motors Corp. is in talks with the company on a capital tie-up including possibly making the French automaker its largest shareholder, according to sourced in Tokyo.

Siemens AG fell 2.3% to €66.01 an electronics and electrical engineering company said fourth quarter revenues fell 9% to €19.7 billion from €21.7 billion a year ago. Net loss in the quarter was €1.13 billion or €1.31 per diluted share compared to net loss of €2.46 billion or €2.85 per share million a year ago.

Sky Deutschland AG fell 4.9% to €2.32 after the pay-television company said its Chief Executive Officer Mark Williams will step down effective March 31, 2010 and be replaced by Brian Sullivan.

Vinci SA rose 1.5% to €39.21 after the builder was upgraded to “buy” from “add” at AlphaValue.

Wendel SA gained 2.6% to €42.48 after the publicly listed private-equity firm said Thursday said it has restructured its debt in recent weeks with the earliest maturity in February 2011.

DAX Index Movers

Siemens AG led the decliners in the DAX index of 5.44%, followed by losses in Adidas AG of 1.98%, in Salzgitter AG of 1.36%, in Henkel AG of 0.72%, Merck KGaA of 0.62%.

Deutsche Lufthansa AG led gainers in the DAX index with a rise of 4.41% followed by increase in Deutsche Post AG of 2.62%, in BMW AG of 1.88%, in Commerzbank AG of 1.62%, Volkswagen AG of 1.26%.

CAC-40 Index Movers

PSA Peugeot Citroen S.A led the decliners in the CAC-40 index of 2.70%, followed by losses in Dexia SA of 2.55%, in Compagnie de Saint-Gobain SA of 1.55%, in LVMH SA of 1.34%, Vivendi SA of 1.09%.

EADS NV gainers in the CAC-40 index with a rise of 2.23% followed by gainers in STMicroelectronics N.V. of 2.04%, in Bouygues SA of 1.57%, in Renault SA of 1.54%, in Societe Generale SA of 1.48%.