| CATEGORY: MARKET REPORT - EUROPE SECTOR: MEDIA |
European midday: Shares stuck in the red |
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Thu 11 Mar 2010
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LONDON (SHARECAST) - French consumer magazine publisher Lagardere continues to be one of the worst performers in Europe today after publishing disappointing full-year figures.
Lagardere is more than 7% lower after the group reported weaker than expected full-year results and forecast a 10% drop in operating profit this year.
The country’s largest publisher with titles including Elle, reported a 9.5% fall in full-year profits, worse than analysts had been anticipating.
Banks are also lower, with Societe Generale, BNP Paribas, Credit Agricole and UBS on offer.
Elsewhere in the sector, HSBC has admitted that data on about 15,000 customers with accounts in Switzerland has been stolen by a former information-technology employee. The British bank previously claimed that ‘less than 10 clients’ had been affected.
The former HSBC computer specialist, widely reported to be Herve Falciani, passed the data on to French tax authorities. France later agreed to return the information to Switzerland.
Across the markets, the Dax in Frankfurt is down 3 points to 5,934 and the Cac in Paris is 14 points lower at 3,929. The Swiss market has dropped 29 points to 6,845.
Volkswagen is limiting losses in Frankfurt after Europe’s biggest carmaker said it expects to grow deliveries, sales and operating profit this year after two-month sales rose 27%.
‘Although a slight recovery in the global market is expected in 2010, the volume reached in 2007 is unlikely to be repeated before 2012,’ said the group.
Fellow carmakers Daimler, BMW, Renault and Peugeot are up in sympathy.
Elsewhere in the world, Japan’s economy grew less than previously thought in the last quarter of 2009, new figures show, demonstrating that recovery in the Asian country may be weaker than thought.
Meanwhile, consumer price inflation (CPI) accelerated rapidly in China in February, fuelling speculation that the government will call ease stimulus measures.
CAC 40 - Risers
PPR (PP) € 92.36 +2.62%
Veolia Environnement (VIE) € 24.05 +1.39%
GDF Suez (GSZ) € 28.39 +1.07%
Accor (AC) € 39.31 +1.01%
Michelin (ML) € 57.10 +0.99%
Carrefour (CA) € 36.78 +0.95%
Essilor International (EI) € 46.87 +0.93%
Technip (TEC) € 56.40 +0.71%
Renault (RNO) € 33.33 +0.62%
Peugeot (UG) € 21.60 +0.61%
CAC 40 - Fallers
Lagardere SCA (MMB) € 26.44 -7.16%
EADS (EAD) € 14.86 -2.72%
Alstom (ALO) € 49.54 -1.86%
Societe Generale (GLE) € 43.99 -1.80%
Unibail-Rodamco (UL) € 151.25 -1.63%
BNP Paribas (BNP) € 56.75 -1.25%
Dexia (DEXB) € 4.32 -1.23%
LVMH (MC) € 85.45 -1.12%
Cap Gemini (CAP) € 36.06 -0.97%
Alcatel-Lucent (ALU) € 2.52 -0.91%
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