04/01/2008 12:05
European equity markets were steady on Friday, as losses for the sectors most exposed to high oil prices and slowing economic growth were offset by rallying miners and oil producers.
In early trade, the FTSE Eurofirst 300 was up 0.3 per cent to 1,489.52, while Frankfurt’s Xetra Dax slipped 0.1 per cent to 7,901.33, the CAC 40 climbed 0.3 per cent to 5,562.02 and London’s FTSE 100 added 0.6 per cent to 6,519.5.
London-listed miners were buoyed by rampant metal prices after gold recently hit a succession of record highs. Xstrata rose 3.3 per cent to £36.93, and Vedanta added 3.1 per cent to £22.32.
Oil stocks remained in focus as crude prices hovered near $100 a barrel. France’s Total gained 1.5 per cent to €58.48, Spain’s Repsol added 1.5 per cent to €25.24 and Finnish refiner Neste Oil climbed 1 per cent to €25.10.
Deutsche Postbank resumed its rally following comments on Thursday by the chief executive of majority shareholder Deutsche Post, suggesting the retail bank could come up for sale later in the year. Postbank shares were up 3.3 per cent to €65.11, while Deutsche Post added 0.9 per cent to €22.87.
Retailers and carmakers continued to be sold, however, as investors shied away from the sectors most at risk from an economic downturn.
Among the carmakers, Renault of France fell 3.1 per cent to €90.71 and Germany’s Daimler shed 2.6 per cent to €61.25, while Spanish fashion group Inditex led the retail sector lower, down 3 per cent to €39.96.
Sacyr Vallehermoso, which jumped 7 per cent in the closing minutes of trade on Thursday, gave back its gains and more, in what appeared to be the reversal of a ”fat finger”, or rogue, trade. Shares in the Spanish construction company were down 8.3 per cent to €24.66.
In early trade, the FTSE Eurofirst 300 was up 0.3 per cent to 1,489.52, while Frankfurt’s Xetra Dax slipped 0.1 per cent to 7,901.33, the CAC 40 climbed 0.3 per cent to 5,562.02 and London’s FTSE 100 added 0.6 per cent to 6,519.5.
London-listed miners were buoyed by rampant metal prices after gold recently hit a succession of record highs. Xstrata rose 3.3 per cent to £36.93, and Vedanta added 3.1 per cent to £22.32.
Oil stocks remained in focus as crude prices hovered near $100 a barrel. France’s Total gained 1.5 per cent to €58.48, Spain’s Repsol added 1.5 per cent to €25.24 and Finnish refiner Neste Oil climbed 1 per cent to €25.10.
Deutsche Postbank resumed its rally following comments on Thursday by the chief executive of majority shareholder Deutsche Post, suggesting the retail bank could come up for sale later in the year. Postbank shares were up 3.3 per cent to €65.11, while Deutsche Post added 0.9 per cent to €22.87.
Retailers and carmakers continued to be sold, however, as investors shied away from the sectors most at risk from an economic downturn.
Among the carmakers, Renault of France fell 3.1 per cent to €90.71 and Germany’s Daimler shed 2.6 per cent to €61.25, while Spanish fashion group Inditex led the retail sector lower, down 3 per cent to €39.96.
Sacyr Vallehermoso, which jumped 7 per cent in the closing minutes of trade on Thursday, gave back its gains and more, in what appeared to be the reversal of a ”fat finger”, or rogue, trade. Shares in the Spanish construction company were down 8.3 per cent to €24.66.
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