Air France-KLM, British Airways, Fiat, UniCredit: European Equity Preview
The following companies’ shares may have unusual moves in European trading. Stock symbols are in parentheses and prices are from the last close.
The Stoxx Europe 600 Index fell less than 0.1 percent to 262.06. The Stoxx 50 Index retreated 0.1 percent to 2,542.87. The Euro Stoxx 50 Index, a benchmark for nations using the euro, declined 0.1 percent to 2,818.97.
Air France-KLM (AF FP): The shares of Europe’s largest airline group were rated new ”overweight” at Barclays Capital with a target price of 16 euros per share. The shares rose 1 percent to 11.67 euros.
Allied Irish Banks Plc (ALBK ID): Ireland’s second-biggest lender by market value may post a first-half net loss of 2.56 billion euros ($3.39 billion), according to the average of four estimates compiled by Bloomberg. The shares rose 1.5 percent to 99 euro cents.
BP Plc (BP/ LN) The oil company seeking to raise funds to pay for the Gulf of Mexico oil spill hasn’t requested permission to sell assets in Venezuela for which it would need his country’s authorization, said Rafael Ramirez, company president of Petroleos de Venezuela SA, the state-owned oil company. BP’s stock advanced 0.6 percent to 415.65 pence.
British Airways Plc (BAY LN): Europe’s third-largest carrier was rated new “Overweight” at Barclays Capital. The stock climbed 2.2 percent to 236 pence.
Electricite de France SA (EDF FP): Europe’s largest power producer will benefit from a rise in French electricity prices after Finance Minister Christine Lagarde and Energy Minister Jean-Louis Borloo said power rates in France will rise 3 percent for households and between 4 percent and 5.5 percent for companies from Aug. 15. Shares rose 0.03 percent to 33.31 euros.
Fiat SpA (F IM): Chrysler Group LLC’s U.S. sales rose 5 percent to 93,313 vehicles in July, led by a 19 percent gain for the Jeep brand. Dodge sales were little changed, while the Ram line gained 11 percent and Chrysler dropped 11 percent.
Sales on an adjusted basis gained 1.1 percent, trailing analysts’ estimates for a 2.2 percent increase. Shares of Fiat, which runs Chrysler, climbed 3.1 percent to 10.2 euros.
KAS Bank NV (KA NA): The largest Dutch independent securities-clearing firm said it passed a voluntary European stress test. The Amsterdam-based bank, which had a Tier 1 ratio of 20.7 percent under the most adverse scenario, also said its sovereign debt holdings are limited to the Netherlands and Germany. KAS Bank lost 1.6 percent to 11.81 euros.
Cie. Nationale a Portefeuille SA (NAT BB): Belgian billionaire Albert Frere’s main publicly traded investment firm said first-half net income fell 34 percent to 108.1 million euros ($143 million). Nationale a Portefeuille increased 0.8 percent to 37.90 euros.
Standard Chartered Plc (STAN LN): The British lender that generates the majority of its earnings in Asia may post first- half income of $2.05 billion, according to the average of nine estimates compiled by Bloomberg. The stock rose 2.2 percent to 1,902.5 pence.
UniCredit SpA (UCG IM): Chief Executive Officer Alessandro Profumo said on a conference call with analysts after markets closed that the Italian bank has received a “good number” of expressions of interest for its Pioneer Global Asset Management unit. The stock fell 1.8 percent to 2.18 euros.
To contact the reporter on this story: Joanna Ossinger in New York at jossinger@bloomberg.net.
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