| CATEGORY: MARKET REPORT - EUROPE CLOSE |
European close: Banks and drug firms weigh |
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Mon 08 Mar 2010
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LONDON (SHARECAST) - Europe’s main markets closed slightly lower with banks and drug companies leading the fallers.
Germany’s Dax closed down 1 point at 5,876, the Cac 40 in Paris is down 7 points at 3,904, but the Swiss market was up 3 at 6,851.
Among the banks, Societe Generale, Commerzbank and UBS all closed in the red.
In company news, Anglo-Swedish drug group AstraZeneca fell after it said its lung cancer treatment Recentin failed to meet the primary endpoint in a clinical study to compare it with rival treatment Avastin.
Roche and Biogen Idec said they suspended a rheumatoid arthritis drug because of safety concerns.
Anglo-Dutch oil giant Royal Dutch Shell has confirmed it is in talks to buy Australian coal-seam gas producer Arrow Energy, which said this morning it had received an indicative offer worth A$3.3bn.
“These discussions may or may not lead to an agreed transaction,” said Shell in a brief regulatory announcement, but it has already offered A$4.45 a share in cash in a joint deal with PetroChina.
Elsewhere, Greece's financial woes are unlikely to spread to other eurozone countries with high debt levels, the head of the International Monetary Fund said on Monday. Dominic Strauss-Kahn said “there's no reason” to expect that Spain and Portugal would need external support.
Strauss-Kahn’s also remains confident that European leaders can resolve the crisis without a bailout by the IMF.
His comments came just after French president Nicolas Sarkozy said the eurozone will stand by Greece should it need financial help. The eurozone stands side by side with Greece because "that's what partners are for," Sarkozy said.
CAC 40 - Risers
Dexia (DEXB) € 4.28 +0.82%
BNP Paribas (BNP) € 57.21 +0.76%
Credit Agricole (ACA) € 11.73 +0.64%
GDF Suez (GSZ) € 27.47 +0.49%
ArcelorMittal SA (MT) € 31.06 +0.49%
Essilor International (EI) € 45.90 +0.40%
PPR (PP) € 89.92 +0.36%
Renault (RNO) € 32.99 +0.29%
Alstom (ALO) € 49.59 +0.28%
France Telecom (FTE) € 17.77 +0.28%
CAC 40 - Fallers
Vallourec (VK) € 143.40 -1.61%
Bouygues (EN) € 37.06 -1.48%
Societe Generale (GLE) € 44.31 -1.43%
Air Liquide (AI) € 88.76 -1.38%
LVMH (MC) € 85.90 -1.23%
Peugeot (UG) € 21.66 -0.92%
Vinci (DG) € 41.58 -0.75%
ST Microelectronics (STM) € 6.76 -0.73%
Michelin (ML) € 54.95 -0.70%
Veolia Environnement (VIE) € 23.80 -0.61%
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