Europe’s main markets ended off session highs but still managed to snap a five day losing streak on Wednesday, thanks to strong tech stocks.
The tech sector was lifted by much better than forecast numbers from Apple as iPad sales boomed. Shares in Apple rallied after-hours as third quarter sales rose 61% to $15.7bn, while net income rose 78% to $3.25bn. It was its best quarter ever.
Since its launch in April, Apple has sold 3.27m iPads, but even this was outstripped by sales of Macs, which hit 3.47m units, the best quarter ever for Apple’s stalwart. The company sold 8.4m iPhones, which included seven days of the troubled iPhone 4.
For the current three months, Apple predicted earnings of about $3.44 per share in the current quarter on revenue of around $18bn. In Europe, Nokia, Ericsson and ARM Holding were on the rise.
Across the markets, the Dax in Frankfurt closed 23 points higher at 5,990, the Cac in Paris added 26 points to 3,494. The Swiss market was up 9 points to 6,133.
Fiat returned to profit in the second quarter of this year and said it may raise its 2010 forecasts. Its board has also backed the Italian carmaker's plan to split into separate car and non-car businesses in January.
A net profit of €90m in the three months to 30 June compares with a loss of €168m a year ago. Net revenues rose 12.5% to €14.8bn, helped by a 35% jump in its car components division.
Satellite-navigation-equipment maker TomTom was in demand after the Dutch firm’s second-quarter net profit rose 69% to €34m.
Embattled oil giant BP has done a deal to sell $7bn of upstream assets in the United States, Canada and Egypt to Apache Corporation. Assets include its Permian Basin assets in Texas and south-east New Mexico. BP said the sales are part of its plan to raise $10bn by offloading non-core assets to cover claims made following the Deepwater Horizon disaster in the Gulf of Mexico.
On the M&A front, after years of rumour and speculation, one of the market's most widely tipped takeovers is about to come to fruition after condom and footcare group SSL agreed an all-cash bid from Reckitt Benckiser.
Reckitt is to pay SSL shareholders 1,163p per share with a final dividend taking the total up to 1,171p per share. The bid values SSL in total at Ł2.54bn.CAC 40 - Risers
Accor (AC) € 24.49 +5.63%
Lagardere SCA (MMB) € 26.67 +3.71%
Lafarge (LG) € 41.15 +3.13%
Unibail-Rodamco (UL) € 140.10 +2.79%
Vallourec (VK) € 76.31 +2.76%
Vinci (DG) € 35.63 +2.50%
Vivendi (VIV) € 17.47 +2.46%
Michelin (ML) € 58.72 +2.35%
Peugeot (UG) € 23.30 +2.24%
ArcelorMittal SA (MT) € 23.82 +2.21%
CAC 40 - Fallers
Total (FP) € 37.46 -0.72%
Alstom (ALO) € 36.15 -0.70%
Sanofi-Aventis (SAN) € 46.88 -0.56%
Veolia Environnement (VIE) € 19.30 -0.46%
Cap Gemini (CAP) € 34.48 -0.45%
France Telecom (FTE) € 14.59 -0.31%
Pernod Ricard (RI) € 62.86 -0.25%
Essilor International (EI) € 48.63 -0.25%
EDF (EDF) € 30.60 -0.10%
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