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Equity Market News 29th July 2010

Equity Org Headlines:

Crude, precious metals prices fall; base metals mixed

Oil prices fall as US inventories swell

Crude oil trades lower, but most metals prices rise

Crude prices up despite rising oil, gasoline inventories in US

Crude oil, metals prices start year with gains

Crude prices up, metals lower ahead of holidays

Natural gas prices rise as other energy, metals prices decline

Crude oil, metals prices jump on data

Crude falls in New York, metals gain on session

US inventories send oil prices lower

07/09/05

Permalink 08:00:28 am, Categories: Europe Eurofirst, Technology, Finance, Banking, Insurance, Computers, 197 words  

FTSE gains to three-year high

In Europe on Wednesday, the FTSE Eurofirst 300 gained 0.3 percent to 1,205.03, its highest close in over three years, helped along by strength in the financial sectors.

Credit Agricole, France’s largest retail bank, gained 6 percent to €23.74 when its report that net profits were up by 23 percent, much more than had been expected.

The news prompted several agencies, including Deutsche Bank, WestLB, and Dresdner Kleinwort Wasserstein, to upgrade the stock Deutsche Bank also upgraded and increased its target price for UBS and Credit Suisse and also increased Commerzbank’s price target.

Commerzbank gained 2.4 percent to €22.21, while Credit Suisse also was up 2.4 percent, to SFr57.60 and UBS added 1.7 percent to SFr106.90.

Among reinsurers, UBS and Credit Suisse First Boston both upgraded Swiss Re, sending its stock up 2.4 percent to SFr82.50. Gains were also seen in technology sector, with STMicroelectronics up by 4.7 percent to €13.94, while Infineon gained 1.7 percent to €7.85, and ASML advanced by 0.9 percent to €13.76. There were some losers on the day. Accor, the hotels group, lost 2.7 percent to *42.33.

IT services group Atos Origin was down 2.4 percent to €59.75 even though its first half profits were up by 11 percent as it did not increase its full-year prediction. Brewer Heineken fell 0.5 percent to €26.87.

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