King Salman Global Academy for Arabic Language launches program with Indiana University    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    China retaliates against Trump's trade war with 34% reciprocal tariffs on US goods    Saudi Arabia condemns Israeli escalation, targeting of civilians and Saudi warehouse in Gaza    Danish PM dismisses US desire to annex Greenland 'You cannot annex another country'    Bulgaria's government survives no-confidence vote brought by pro-Russia party    Saudi Crown Prince, Iranian president discuss regional developments in Eid phone call    Rain expected in Makkah and Jeddah on Saturday    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Tesla sales plunge after backlash against Elon Musk    Musk's X is suing India, as Tesla and Starlink plan entry    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EARNINGS, MINERS LIFT EUROPEAN SHARES TO 5-YR HIGH
Published in Saudi Press Agency on 21 - 04 - 2006

A DIP IN OIL PRICES AND HOPES OF SOLID EARNINGS IN THE MINING AND STEEL SECTORS HELPED TO LIFT EUROPEAN SHARES TO THEIR HIGHEST CLOSE IN NEARLY FIVE YEARS ON FRIDAY, OFFSETTING ERICSSON'S BELOW-FORECAST RESULTS, ACCORDING TO REUTERS.
BASIC PRODUCERS WERE THE REGION'S BEST PERFORMERS, WITH MINERS ANTOFAGASTA AND XSTRATA AND STEELMAKERS THYSSENKRUPP AND CORUS ALL SURGING BETWEEN 3 AND 5 PERCENT ON HOPES THAT SUSTAINED DEMAND FOR METALS AND STEEL WOULD UNDERPIN THEIR PRICING POWER AND BOOST THEIR EARNINGS.
BASF WAS ANOTHER OUTPERFORMER, ADDING NEARLY 3 PERCENT AMID MARKET RUMOURS THAT THE GERMAN CHEMICALS GROUP'S $4.9 BILLION OFFER FOR ENGELHARD MAY FACE COMPETITION. THE PAN-EUROPEAN FTSEUROFIRST 300 INDEX OF LEADING SHARES ADDED 0.7 PERCENT TO END AT 1,397.07 POINTS, ITS HIGHEST CLOSE SINCE JULY 2001 AND FINISHING THE WEEK 2 PERCENT HIGHER AFTER A RAFT OF MOSTLY SOLID CORPORATE EARNINGS.
"THE EARNINGS SEASON CONTINUES TO BE A DECENT ONE, WITH NOKIA BEATING ... EXPECTATIONS, THOUGH ERICSSON MISSED," SAID MERRILL LYNCH STRATEGIST DAVID ROSENBERG.
ROSENBERG ALSO SAID THAT IN THE UNITED STATES, WHERE THE EARNINGS SEASON WAS MORE ADVANCED, MORE THAN TWO-THIRDS OF COMPANIES THAT HAVE ALREADY REPORTED HAD BEATEN ANALYSTS' EXPECTATIONS.
NOKIA ROSE 1.4 PERCENT ON THE BACK OF BULLISH BROKER NOTES A DAY AFTER THE TECH BELLWETHER'S FIRST-QUARTER NUMBERS BEAT ALL MARKET EXPECTATIONS, BUT ERICSSON TUMBLED 7.3 PERCENT AS ITS EARNINGS LAGGED EXPECTATIONS DUE TO COSTS FROM ITS ACQUISITION OF MARCONI, NEW CONTRACTS AND COMPETITION.
--MORE 2250 Local Time 1950 GMT


Clic here to read the story from its source.