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European stocks rise on boost to mining stocks
Published in Saudi Press Agency on 21 - 02 - 2008


European stocks rose Thursday as the mining
sector led the advance on soaring metals prices and
investors turned to commodities amid worries about an
economic slowdown.
«Commodities are an inflation hedge in a trend of
negative (macro) surprises coming out of the U.S. which are
pointing to further weakness ahead,» said Kenneth Broux,
an economist at Lloyds TSB. «Commodities prices will rise
as long as inflation doesn't slow down.»
Steelmaker ArcelorMittal also boosted commodity stocks
when it announced a price increase in steel due to rising
iron ore costs.
The Dow Jones Stoxx 600 Index inched up 0.7 percent to
322.43. The U.K.'s FTSE 100 Index rose 0.7 percent to
5932.20, while France's CAC-40 Index closed 1 percent
higher at 4858.85. Germany's DAX Index finished up 0.1
percent at 6904.85.
The DJ Stoxx Basic Resources sector climbed 2.8 percent to
721.35. Spot gold and platinum hit new record highs and
silver rose to its highest point since 1980. Copper and
other base metals rose with analysts expecting fresh highs
in the near term.
France's Eramet surged 11.9 percent, Sweden's SSAB soared
7.1 percent and Boliden was up 5.3 percent. BHP Billiton
gained 2.1 percent and Rio Tinto added 1.8 percent.
ArcelorMittal, the world's largest steelmaker, announced a
further ¤40 (US$58.94) per metric ton price increase for
its European flat carbon steel products, due to rising
costs of iron ore and other raw materials used to produce
steel. Shares jumped 4.4 percent.
Eyes were on earnings from French bank Societe Generale,
which posted a fourth-quarter loss on the back of an
alleged fraud scandal and warned of possible further
write-downs in the first quarter of 2008. The stock was
down 2 percent.
Meanwhile, Swiss counterpart UBS said it has paved the way
for faster boardroom changes, bowing to shareholder
pressure over its subprime troubles, but stopped short of
replacing key staff as some had hoped. Shares edged up 0.1
percent.
Shares of Anglo-Dutch publisher Reed Elsevier soared 7.5
percent after it said it would sell its business publishing
unit and agreed to buy Atlanta-based risk management
specialist ChoicePoint.
The U.K.'s BAE Systems reported a higher 2007 underlying
pretax profit helped by its expanding U.S. operations, and
shares gained 1.3 percent.
Shares of Nestle rose 3.5 percent after the world's
largest food and drink company delivered a 16 percent rise
in full-year net profit.
Allianz, Europe's largest primary insurer by gross
premiums, reported a 52 percent decline in fourth-quarter
net profit, but increased its dividend by 45 percent.
Shares closed 0.8 percent higher.
Shares of Dutch navigation solutions provider TomTom slid
9.3 percent despite a 33 percent rise in fourth-quarter net
profit on what analysts said was a conservative 2008
outlook.
German auto supplier Continental said fourth-quarter
earnings before interest and taxes, or Ebit, were up 3.4
percent amid higher global auto production and improved
efficiency. Shares climbed 3.6 percent.
Chemicals company BASF unveiled an 8 percent rise in
fourth-quarter net profit and announced plans to raise its
dividend by 30 percent, and its stock slipped 1.8 percent.
Swiss drug maker Actelion reported a 28 percent rise in
fourth-quarter net profit, and gave a positive outlook for
2008. Shares lost 2.8 percent.


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