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Archiwum newsów - DJ Sklep wielkopowierzchniowy COMMENT: European Stocks Advance; Earnings Lift Mood

2007-11-06  
DJ Sklep wielkopowierzchniowy COMMENT: European Stocks Advance; Earnings Lift Mood
LONDON (Dow Jones)-- European stocks rose slightly Tuesday, snapping a
three-day losing streak, as investors embraced some upbeat earnings reports
from the likes of Swiss Reinsurance and U.K. retailer Marks & Spencer.
"Valuations are not a concern at the moment. The bigger issue is whether
earnings are secure and most companies are issuing decent earnings updates,"
said Andrew Kelly, who helps manage GBP150 million at Cartesian UK
Opportunities Fund in London.
The Dow Jones Stoxx 600 Index gained 0.4% to 378.64. In terms of national
markets, the U.K.'s FTSE 100 Index rose 0.2% to 6474.90, while France's
CAC-40 Index added 0.4% to 5709.42. Germany's DAX Index climbed 0.3% to
7827.19. Earnings helped shore up sentiment Tuesday but traders were quick
to point out that the overall mood remans one of caution in the face of
renewed subprime exposure worries.
Swiss Reinsurance Co. paced an advance by insurance stocks. The world's
largest reinsurer reported a 5% drop in third-quarter net profit but said it
was on track to reach its goals for 2007 and beyond, and reiterated that it
will pursue takeovers in the closed life insurance business.
"Overall, the operational headline figures are strong," said Rene Locher,
analyst at Sal. Oppenheim in Zurich.
Swiss Re shares jumped 0.9% to CHF102.70.
Marks & Spencer shares added 3.3% to 653 pence after the U.K. food and
clothing retailer reported a better-than-expected 12% rise in fiscal
first-half underlying profit and unveiled a GBP1 billion share buyback program
as well as a major investment program that encompasses China and India.
Germany's Commerzbank helped bolster sentiment in the beleaguered financials
sector after it said that third-quarter net profit rose 56% on higher
tax-loss carry forwards than last year, which offset a EUR291 million
writedown on subprime exposure. More importantly, the pula said it is
sticking by its profit targets for the year. Commerzbank shares rose 1% to
EUR27.46.
Mining stocks chalked up big gains as gold and silver futures made
multi-decade highs on speculative and investment buying. Dollar weakness and
a sharp rise in oil prices is also providing underlying support for metals.
In London, Rio Tinto surged 3.3% to 4,334 pence, while Xstrata rose 3.1% to
3,269 pence. BHP Billiton soared 4.4% to 1,775 pence.
"We continue to like the fundamentals associated with commodities. Demand
growth from China remains robust and supply remains constrained across a
number of key commodities due to permitting difficulties, availability of
capital equipment and shortages of labor," said Neil Denman, investment
analyst at Hexam Capital in London.
German pharmaceutical and drug company Bayer slipped 0.7% to EUR56.62
despite posting better-than-expected third-quarter operating profits and
announcing a restructuring projekt for its plastics unit.
Analysts however expressed some disappointment at the Ebitda figure for
HealthCare saying performance was burdened by higher investment costs and
changes in the product mix.
Elsewhere, shares of BMW, the German carmaker, sagged 3.3% to EUR43.31 after
it reported a 78% increase in third-quarter profit. BMW's pretax profit,
however, rose just 6% to EUR765 million, well below the average forecast of
10 analysts polled by Dow Jones Newswires for pretax profit of EUR900
million.
-By Tim Falconer
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