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Equity Market News 05th July 2008

Equity Org Headlines:

Crude prices gain but precious metals decline

Barratt announces 1,000 job losses

Investment banking jobs get the chop at Goldman and Citigroup

ECB raises Eurozone interest rates

7,000 jobs to go at American Airlines

General Motors shares slump to 54-year low

Crude oil, copper in new highs

M&S warns of tough times ahead

Taylor Wimpey fails to secure funding, shares fall 46%

USD, pound weaken

12/09/05

Permalink 05:19:19 pm, Categories: Europe Eurofirst, Manufacturing, Cars, 216 words  

Xetra Dax sees fall in Allianz

In Europe on Monday, the pan-European FTSE Eurofirst 300 gained 0.2 percent to close at 1,209.81, a new 39-month closing high. In Germany, however, the Xetra Dax fell by 0.3 percent to 4,989.98.

A major factor in the Dax’s decline was the 3.3 percent fall of shares in Allianz after it announced major changes in its business structure, including its intention to buy out minority shareholders in its Italian subsidiary, RAS, for as much as €5.7 billion, and amounting to 44.6 percent of the Italian company. Shares in RAS gained 7.1 percent on the news, to €18.86.

The announcement also benefited French Allianz subsidiary AGF, which was up 1.8 percent to €72.20, on the possibility that Allianz might decide to buy out that company’s minority shareholders, as well.

Meanwhile, the automobile manufacturing sector was mostly up. The exception was BMW, which was down by 0.4 percent to €37.28 even though it said its volume growth for the year would be at the high end of its forecast.

Elsewhere in the sector, DaimlerChrysler gained 0.2 percent to €41.93, while Volkswagen gained 0.2 percent to €45.17 on the announcement that sales in the United States had gone up by 72 percent in the first ten days of September as drivers began to trade in SUVs in the face of rising gasoline prices. Fiat led the sector on the day with an advance of 2.8 percent to €7.765.

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