| CATEGORY: MARKET REPORT - EUROPE CLOSE SECTOR: BANKING |
European close: Banks give a boost |
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Wed 11 Nov 2009
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LONDON (SHARECAST) - European bourses made headway on the back of some upbeat corporate announcements from the banking sector.
French bank Credit Agricole moved higher after profits beat expectations, falling to €289m in the third quarter from €365m a year earlier.
Dutch financial powerhouse ING climbed after seeing third quarter net income of €499m, compared with a loss of €478m in the same period the previous year.
German peers Deutsche Bank and Commerzbank rose in sympathy, as did French banks Societe Generale and BNP Paribas.
Still in the financial sector, insurer Swiss Life made headway after third quarter sales came in ahead of forecasts. The insurer said that its problem subsidiary, AWD, moved back into the black in the third quarter.
Swiss cement maker Holcim hardened after announcing third quarter net income of SFr.673m, as its cost cutting programme produced improved margins.
The Swiss market index rose 5 points to 6,374. French and German indices were also firmer, with the CAC 40 climbing 28 points to 3,814 and the DAX 55 points to the good at 5,668.
Electricity provider E.ON advanced after raising its full-year profits forecast. It now sees earnings falling by 3% to 5% this year, having previously envisaged a 5% to 10% fall.
CAC 40 - Risers
Credit Agricole (ACA) € 15.31 +5.59%
ArcelorMittal SA (MT) € 24.95 +3.16%
ST Microelectronics (STM) € 5.75 +3.10%
Societe Generale (GLE) € 50.40 +2.87%
CAC 40 - Fallers
EADS (EAD) € 12.95 -2.15%
AXA (CS) € 16.73 -1.04%
Alstom (ALO) € 48.44 -1.03%
Renault (RNO) € 31.21 -0.81%
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