Stocks Drop, Paced by ArcelorMittal; Hermes, LVMH Decline, Faiveley Falls
France’s benchmark CAC 40 Index lost 0.5 percent to 3,852.66 at the 5:40 p.m. close in Paris. The SBF 120 Index also slid 0.6 percent.
The following is a list of companies whose shares may have unusual price changes in the French capital. Stock symbols are in parentheses.
Air Liquide SA (AI FP) lost 1.02 euros, or 1.1 percent, to 95.21 euros even as the world’s biggest producer of industrial gases reported third-quarter sales ahead of analysts’ estimates, bolstered by a stronger dollar. Chief Financial Officer Fabienne Lecorvaisier said the margin of the company’s gas and services unit may post a “slight decrease” this year compared to 2009, which benefited from “exceptional elements.”
ArcelorMittal (MT NA) dropped 1.24 euros, or 5 percent, to 23.78 after the world’s biggest steelmaker forecast a decline in fourth-quarter earnings because of falling steel prices and rising costs.
“Our outlook for the fourth quarter remains cautious as the expected higher input prices continue to work through the business and demand remains muted,” Chief Executive Officer Lakshmi Mittal said.
ECA (ECASA FP) increased 39 cents, or 2.7 percent, to 14.79 euros after the maker of defense equipment reported a 49 percent increase in third-quarter sales to 24.4 million euros ($34 million) and confirmed its full-year targets.
Faiveley Transport (LEY FP) dropped 2.24 euros, or 3.5 percent, to 61.26 euros. The maker of railroad equipment reported a 4.7 percent rise in fiscal second-quarter revenue to 207.9 million euros and reiterated that sales this year will be “stable”, with a return to growth next year.
Hermes International SCA (RMS FP) dropped 23.85 euros, or 12 percent, to 179 euros. Index-tracking funds may dump about about 1 million shares in Hermes as a stake purchase by LVMH Moet Hennessy Louis Vuitton SA will cut Hermes’ weight in benchmarks, according to an analyst at Societe Generale SA.
Renault SA (RNO FP) dropped 1.28 euros, or 3 percent, to 41.91, falling for the first time in six days. Chief Executive Officer Carlos Ghosn said the company expects Western Europe’s auto market will only recover in 2012 as the after-effects of state sales incentives linger next year. He was speaking in an interview at the World Economic Forum in Marrakesh, Morocco.
To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net.
To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.
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