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French Stocks: Accor, Lafarge, Natixis, Peugeot and Transgene

Feb. 23 (Bloomberg) -- France’s benchmark CAC 40 Index dropped for a third day, losing 0.9 percent to 4,013.12 at the 5:30 p.m. close in Paris. The broader SBF-120 Index slid 0.9 percent to 2,995.77.

The following shares rose or fell in the French equity market today.

Accor SA (AC FP) fell for a second day this week, losing 3.7 percent to 33.91 euros. Europe’s largest hotelier said it will accelerate its asset-disposal plan and forecast that 2010’s growth will continue in 2011.

The asset sales will reduce adjusted net debt by 1.2 billion euros ($1.65 billion). Accor will dispose of more than the 450 hotels that it announced in its previous plan.

“There seems to be no real change in strategy and the outlook remains unchanged,” Exane BNP Paribas said in a note.

Lafarge SA (LG FP) retreated 2.2 percent to 44.51 euros, a third straight loss. The world’s biggest cement maker will probably have its credit rating cut to “junk” status within weeks as the company struggles to restore its financial profile, Standard & Poor’s said.

Natixis SA (KN FP) jumped 4.3 percent to 4.30 euros. The investment-banking and asset-management unit of France’s second-largest bank by branches posted a lower-than-estimated drop in fourth-quarter profit.

Net income decreased to 442 million euros from 844 million euros a year earlier. That beat the 353 million-euro average estimate of seven analysts surveyed by Bloomberg. Natixis also said it will resume paying a dividend.

Nexity SA (NXI FP) soared 9.1 percent to 34.91 euros, its biggest gain since April 2009. The real-estate company posted net income of 119.8 million euros in 2010 compared with a 49.9 million-euro loss in 2009.

PSA Peugeot Citroen (UG FP), Europe’s second-largest carmaker, slipped 2.6 percent to 28.15 euros. Renault SA (RNO FP), France’s second-biggest, lost 3.6 percent to 43.26 euros. Automobile stocks were the worst performers in Europe today.

Rhodia SA (RHA FP) sank 7.1 percent to 20.4 euros even though the maker of specialty chemicals posted full-year net income of 259 million euros compared with a year-earlier loss of 132 million euros.

CM-CIC Securities cut its recommendation on Rhodia to “hold” from “buy.”

Technicolor (TCH FP) jumped 2.7 percent to 5.26 euros, erasing yesterday’s loss. The company won a contract to supply France Telecom SA’s Orange with routers to provide Internet access, television services and video games to households, Le Figaro reported, without saying where it got the information.

Transgene SA (TNG FP) plummeted 19 percent to 12 euros, the biggest drop since at least 1998, as Roche Holding AG ended its license to use an experimental Transgene vaccine for cervical lesions.

To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net.

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.

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