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European stocks end lower
Published in Saudi Press Agency on 27 - 04 - 2007


European shares ended lower Friday as the
euro hit an all-time high against the dollar after weak
U.S. growth data, with oil producers leading the downturn.
Spanish property stocks continued to decline.
The U.K. FTSE 100 index declined 0.8 percent to 6,418.70,
the German DAX Xetra 30 index lost 0.1 percent to 7,378.12
and the French CAC-40 index slipped 0.2 percent to
5,930.77, according to AP.
«There's a bit of profit taking with investors
repositioning away from possible bubble stocks and
economies such as Spain,» said Andrew Lynch, a European
fund manager at Schroder Investment Management.
Spain's Ibex-35 index fell 1.4 percent to end at
14,403.60, with Grupo Immarcal dropping 2.3 percent in what
has been a disastrous week for Spanish property and
construction stocks.
Lynch added that the currency market is having a bit of an
impact on equities, with the euro continuing to trade over
US$1.36 against the dollar, rising as high as US$1.3682
after the U.S. economic data.
«This could put a crimp in earnings growth for
exporters,» said Lynch. Of exporting autos companies, BMW
shares lost 1.3 percent and Volkswagen shares slipped 0.8
percent.
French automaker Peugeot, however, rose 0.9 percent after
the company said late Thursday it will cut 4,800 jobs this
year. It also reported improving revenue.
Oil companies were lower, with Statoil down 2.3 percent
after making a US$2 billion acquisition of a Canadian oil
sands producer. BP dropped 1.7 percent and Royal Dutch
Shell fell 1.3 percent.
Brewer Scottish & Newcastle rose 6.8 percent as a
fundraising move by Danish brewer Carlsberg sparked further
deal hopes in the European brewing sector. Carlsberg
finished flat.
Dutch bank ABN Amro was up 1.2 percent after a consortium
including Royal Bank of Scotland, Banco Santander and
Fortis said they intend to launch an unsolicited bid for
ABN Amro. Earlier in the week ABN Amro agreed to be bought
by Barclays, shares of which rose 1 percent in London.
Royal Bank of Scotland shares dipped 1.5 percent,
Santander shares lost 2.4 percent and Fortis shares
declined 1.7 percent. Banco Santander also said
first-quarter net profit rose 20.7 percent, topping analyst
forecasts due to strong growth in net interest income and
fees.
Shares in Deutsche Post climbed 5.3 percent and Deutsche
Postbank rose 2.3 percent in Frankfurt, buoyed by takeover
speculation.
Infineon Technologies traded down 2.3 percent after
Europe's second-largest chipmaker said its net loss
narrowed in the second quarter. The results missed
analysts' expectations as restructuring costs and lower
sales ate into the bottom line.
Dassault Systemes climbed 6.8 percent in Paris after the
computer software company reported a 15 percent rise in
revenue and raised its revenue goal for the year.
Dutch staffing group Vedior rose 4.9 percent after the
company said first-quarter profit rose 44 percent, which
was stronger than expected, and as CEO Zach Miles will step
down early.
-- SPA


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