Spanish Stocks: FCC, OHL, Viscofan, Sol Melia, Colonial Move
Spain’s IBEX 35 index fell 88.9, or 0.8 percent, to 10,761.9 at the 5:30 p.m. close in Madrid, ending a three-day rally. The Madrid Stock Exchange General Index also slipped 0.8 percent.
The following were among the most active stocks in the Spanish market. Symbols are in parentheses after company names.
Cementos Portland Valderrivas SA (CPL SM) rose 3.2 percent to 15.99 euros, erasing yesterday’s drop, after Fomento de Construcciones & Contratas SA said it does not plan to buy out the minority shareholders in its unit.
Fomento de Construcciones y Contratas (FCC SM) dropped for a first day in four, losing 4 percent to 22.21 euros even after the Spanish construction and engineering company said 2010 profit rose to 301.3 million euros ($417 million) from 296 million euros a year earlier.
Sales slipped 4.6 percent to 12.1 billion euros, according to a regulatory filing. Analysts had predicted profit of 301.6 million euros and sales of 12.17 billion euros, according to the average estimate compiled by Bloomberg.
Funespana SA (FUN SM) fell 1.2 percent to 6.75 euros, its steepest decline in almost a month, after it reported a full- year net loss of 1.72 million euros compared with net income of 2.5 million euros a year earlier.
Inmobiliaria Colonial SA (COL SM) dropped 3.8 percent to 7.6 euro cents, snapping two days of gains. The company said its full-year loss widened to 739.3 million euros from 474 million euros a year ago. That compares with a 93.7 million-euro loss estimated by analysts in a Bloomberg survey.
La Seda de Barcelona SA (SED SM) sank 5.9 percent to 9.6 euro cents, breaking two days of gains. Europe’s largest maker of polyethylene terephthalate reported a full-year net loss of 85.4 million euros after a 473.1 million-euro loss a year earlier.
Obrascon Huarte Lain SA (OHL SM) climbed for a fifth day, adding 4 percent to 25.05 euros. The Spanish builder said 2010 profit rose to 195.6 million euros from 156.1 million euros a year ago, beating the 186.2 million-euro average estimate in a Bloomberg survey. The company will continue to divest non- strategic assets, according to a filing.
Sol Melia SA (SOL SM) soared 2.4 percent to 8.15 euros, the stock’s third straight gain. The hotelier’s full-year profit climbed to 50.1 million euros from 38.1 million euros a year earlier, the company said.
Viscofan SA (VIS SM) advanced 2.6 percent to 26.40 euros, erasing yesterday’s drop, as the sausage-casings maker said full-year net income climbed 26 percent to 81.3 million euros.
The company will ask its shareholders to approve a gross dividend of 20.4 euro cents and aims for its 2011 net income to climb to 89 to 91 million euros, according to a presentation.
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