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Date: Friday 22 Aug 2008

LONDON (ShareCast) - Energy stocks have turned into negative territory after oil prices edged lower, but Europe’s leading exchanges are holding on to gains in midday trade as airline and auto stocks advanced.

Peugeot and Deutsche Lufthansa are on the rise as oil retreats, having risen to its highest level since 4 August yesterday.

Energy firm Total was among the top risers in the morning but is now posting losses.

Banks are cautiously higher following yesterday’s steep falls, with UBS, BNP Paribas, Credit Agricole, Deutsche Postbank and Societe Generale all doing well.

Hochtief rallied in Frankfurt on rumours that the German construction giant could be broken up by two of its main shareholders.

TNT is also going well after the Times reported that US parcels giant UPS could bid for the Dutch express-delivery service group as soon as this weekend.

The German Dax is 76 points higher at 6,313, the French CAC is up 57 points to 4,362, while the Swiss market rose 51 points to 7,052.

Industrial new orders in the euro zone fell a steeper than expected 7.4% year-on-year in June, according to EU statistics office Eurostat.

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