European midday: Mixed news for motor manufacturers

Date: Friday 28 May 2010

European markets are on the front foot for the third day in succession, though the gains are a good deal more modest than were seen yesterday, as investors show reluctance to dive in ahead of the week-end.

In France, the CAC index is up just 3 points at 3,528, with water company Veolia Environnement one of the best performers after it won a contract from Cincor.

Car maker Peugeot is stuck in reverse however. Dongfeng Peugeot Citroen Automobile, the company’s Asian joint venture company, announced that it will recall more than 53,000 cars at the end of this month to sort out cooling fan problems.

Germany’s DAX index is 22 points to the good at 5,959, with motor vehicle manufacturers to the fore.

Europe’s third largest manufacturer of lorries, Man, upped its sales guidance by around a quarter, saying it expects to sell around 50,000 vehicles this year.

Luxury car maker Daimler is also in demand after boosting its profits guidance. The company said full year earnings will be at the higher end of its €2.5bn to €3bn target range.

Materials and technology group Thyssen Krupp gets a lift from positive broker comment on European mining stocks from JP Morgan and Nomura Securities.

The Swiss index is up 39 points at 6,344.

CAC 40 - Risers
Alcatel-Lucent (ALU) € 2.11 +2.08%
Veolia Environnement (VIE) € 21.11 +1.61%
EADS (EAD) € 16.26 +1.43%
Cap Gemini (CAP) € 37.22 +1.35%
PPR (PP) € 97.35 +1.25%
EDF (EDF) € 36.23 +1.20%
Renault (RNO) € 29.53 +1.20%
Danone (BN) € 42.10 +1.00%
Societe Generale (GLE) € 36.17 +0.65%
Essilor International (EI) € 46.29 +0.65%

CAC 40 - Fallers
Air Liquide (AI) € 80.10 -6.93%
Technip (TEC) € 53.64 -0.91%
LVMH (MC) € 86.10 -0.89%
Peugeot (UG) € 19.64 -0.86%
Total (FP) € 38.04 -0.69%
BNP Paribas (BNP) € 47.03 -0.63%
Accor (AC) € 38.86 -0.59%
Vinci (DG) € 36.85 -0.55%
Dexia (DEXB) € 3.52 -0.54%
Schneider Electric (SU) € 82.05 -0.47%

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