Date: Tuesday 20 Jul 2010
European stock markets staged a late rally but it was not enough to return the major indices to positive territory.The DAX in Frankfurt closed down 41 points at 5,967, the CAC in Paris shed 18 points at 3,468 while the Swiss market index dived 33 points to 6,123.
In Germany vehicle makers were the big losers, with luxury car maker Daimler and truck maker Man sporting the biggest losses.
Daimler was hit by a broker note from Morgan Stanley, which advised that its clients be underweight in the stock. Fellow German car markers BMW and Volkswagen fell in sympathy, as did French automobile manufacturers Peugeot and Renault.
Chip maker Infineon was out of favour after disappointing figures from US sector peer Texas Instruments. Ripples from across the pond were also felt by chemical maker Henkel after US healthcare giant Johnson & Johnson lowered full year earnings guidance.
Mobile phone handset maker Nokia gained after the Wall Street Journal reported that the Finnish firm plans to replace its chief executive Olli-Pekka Kallasvuo. The Journal is citing unnamed people familiar with the situation as saying that Nokia's board is "supposed to make a decision by the end of the month."
Swedish telephone company TeliaSonera fell back after it announced a 1.7% decline in second quarter sales.
Profits at Ryanair slipped by a fifth as the €50m cost of the volcanic ash cloud hit its first quarter, while the Irish no-frills airline remains cautious for the remainder of the year.
Pre-tax profits fell to €104.6m from €134.6m on sales up 16% to €896.8m. Underlying profit to June before the volcano costs rose 1% to €138.5m.2.04 -1.74%
CAC 40 - Risers
ArcelorMittal SA (MT) € 23.31 +2.13%
Accor (AC) € 23.18 +0.80%
LVMH (MC) € 88.86 +0.63%
PPR (PP) € 98.34 +0.55%
EDF (EDF) € 30.63 +0.53%
Bouygues (EN) € 30.74 +0.41%
Technip (TEC) € 47.68 +0.28%
Dexia (DEXB) € 3.12 +0.23%
Lagardere SCA (MMB) € 25.71 +0.14%
CAC 40 - Fallers
Cap Gemini (CAP) € 34.63 -3.23%
EADS (EAD) € 16.08 -2.87%
Peugeot (UG) € 22.78 -2.48%
Alcatel-Lucent (ALU) € 2.03 -2.27%
ST Microelectronics (STM) € 6.47 -2.10%
Schneider Electric (SU) € 83.16 -1.76%
Sanofi-Aventis (SAN) € 47.14 -1.68%
Renault (RNO) € 32.69 -1.65%
Michelin (ML) € 57.37 -1.39%
Alstom (ALO) € 36.40 -1.22%
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