French Stocks Decline; BNP, Pernod, PPR, SocGen, STM, Technip, Tessi Move
France’s CAC 40 Index decreased 1.1 percent to 3,643.81, snapping a five-day gain, at the 5:30 p.m. close in Paris. The SBF 120 Index also declined 1.1 percent to 2,706.60.
The following shares were among the most active in the French equity market today. Stock symbols are in parentheses after company names
Audika SA (ADI FP) declined to a three-week low, falling 2.8 percent to 19.83 euros. The French hearing-aid retailer’s first-half net income fell to 4.11 million euros ($5.22 million) from 4.95 million euros a year earlier.
BNP Paribas SA (BNP FP) and Societe Generale (GLE FP), France’s biggest banks, lost 2.2 percent to 52.73 euros and 3.9 percent to 42.61 euros, respectively, as banking stocks fell across Europe on lingering concern that the sovereign-debt crisis will hold back global recovery.
The Basel Committee on Banking Supervision is readying new capital and liquidity rules for world leaders to agree upon when the Group of 20 meets in Seoul in November. Credit Agricole SA (ACA FP) fell 2.8 percent to 10.64 euros.
Bouygues SA (EN FP) dropped for the first day in five, losing 1.6 percent to 32.17 euros. UBS AG lowered its price estimate on the construction company that owns France’s third- biggest mobile-phone operator to 30 euros from 31 euros. The brokerage kept a “sell” rating.
Bouygues also had its price estimate trimmed to 43 euros from 48 euros at Kepler Capital Markets, which has a “buy” rating.
Faurecia SA (EO FP) fell for a third day, losing 2 percent to 14.29 euros following reports of an explosion at one of the company’s plants in northern Ohio which left nine people injured.
France Telecom SA (FTE FP) dropped 1.3 percent to 16.08 euros, ending a two-day increase. Barclays Capital downgraded France’s biggest phone operator to “underweight” from “equal weight.” The brokerage expects “current stable revenue trends in both fixed and mobile in France to come under pressure.”
PPR SA (PP FP), the owner of the Bottega Veneta and Fnac retail chains, lost 1.9 percent to 107.2 euros. Artemis Group said it plans to raise as much as 690 million euros in a sale of bonds exchangeable for shares of PPR, in Europe’s first equity- linked deal since July.
Pernod Ricard SA (RI FP) retreated 2.4 percent to 58.55 euros, the lowest in six months. The maker of Chivas Regal whiskey and Absolut vodka was downgraded to “accumulate” from “buy” at CM-CIC Securities, which cited “low visibility over the short term.”
Stallergenes (GENP FP) rose 2 percent to 60.9 euros, erasing yesterday’s decline. The pharmaceutical company signed an exclusive partnership with Shionogi to market allergy tablets in Japan. It will receive up to 46 million euros in development payments.
STMicroelectronics NV (STM FP) lost 1.6 percent to 5.56 euros, snapping a four-day increase. Berenberg Bank downgraded Europe’s largest semiconductor maker to “sell” from “hold” as an “increase in competition in wireless business leads to continued losses in 2011.”
Technip SA (TEC FP), Europe’s second-largest oilfield- services provider, sank 2.1 percent to 52.94 euros, the biggest drop in almost two weeks. Crude oil fell the most in a week as the euro tumbled against the dollar, curbing the appeal of commodities as an alternative investment to the U.S. currency.
Total SA (FP FP), Europe’s third-largest oil company, lost 1.5 percent to 38.3 euros, ending a five-day gain.
Tessi SA (TES FP) jumped 5 percent to 62.29 euros, the highest since the company went public in July 2001. The document-processing company said first-half net income climbed to 13.2 million euros from 9.7 million euros a year earlier. Operating profitability will “remain high,” it said.
To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net.
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