Date: Thursday 22 Jul 2010
Losers were few and far between Thursday as banks were buoyed ahead of upcoming stress test results, strength on Wall Street and decent eurozone data out early on.An index based on the region’s manufacturing and services industries rose unexpectedly this month, up to 56.7 from 56 in June. Economists had predicted a fall to 55.2.
Banks were hot property ahead of tomorrow’s stress test results. Credit Agricole, BNP Paribas and Deutsche Bank are among the best performers.
Swiss banking group Credit Suisse reported a quarterly net profit of 1.59bn Swiss francs, up from the 1.57bn francs a year earlier and better than the expected 1.23bn francs.
Frankfurt finished up 151 at 6,142, Paris closed 106 better at 3,600, while Zurich added 61 to 6,194.
Elsewhere in the banking sector, Spain’s Santander is reportedly planning a listing of its UK operations on the London Stock Exchange in move that could raise up to £3bn. The Financial Times says the lender could list on the main market as soon as this autumn to fund further expansion.
It’s planning to float around 20% of its UK business, which includes Abbey, Alliance & Leicester and the savings arm of Bradford & Bingley, the paper reports, citing people close to the bank.
Profits at Nokia dropped by 40% in the second quarter as the Finnish mobile phone maker struggles to keep up with rivals Apple and Google.
Net profit fell to €227m in the three months period compared with €380m in the same period last year. Revenue grew slightly to €10bn from €9.9bn last time.
Swiss power and automation firm ABB is on the rise after posting a smaller than forecast 8% drop in second quarter net profit.
Drugmaker Roche made a net profit of 5.47bn Swiss francs in the first six months of the year compared with €3.47bn previously and confirmed its full-year outlook for 2010.CAC 40 - Risers
Technip (TEC) € 52.10 +7.48%
Schneider Electric (SU) € 88.25 +6.01%
EADS (EAD) € 17.35 +5.89%
Credit Agricole (ACA) € 9.47 +5.69%
Unibail-Rodamco (UL) € 147.45 +5.25%
Societe Generale (GLE) € 37.97 +5.08%
BNP Paribas (BNP) € 49.97 +5.02%
ArcelorMittal SA (MT) € 24.94 +4.70%
Vallourec (VK) € 79.55 +4.25%
Alcatel-Lucent (ALU) € 2.12 +4.22%
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