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Archiwum newsów - DJ Sklep wielkopowierzchniowy COMMENT: European Stocks Up; Pharmas Seen As Safe

2007-11-22  
DJ Sklep wielkopowierzchniowy COMMENT: European Stocks Up; Pharmas Seen As Safe
European stocks advanced Thursday with investors piling into the healthcare
sector, seen as a safe haven during times of slowing global growth.
"Pharmaceutical companies have strong and reliable cash flow and therefore,
can finance working capital without going to the money markets," said Jeremy
Batstone-Carr, head of research at Charles Stanley.
The Dow Jones Stoxx 600 Index closed 0.8% higher at 351.86. Amongst national
markets, the U.K.'s FTSE 100 Index gained 1.4% to 6155.30, while France's
CAC-40 Index rose 0.7% to 5416.10. Germany's DAX Index climbed 0.6% to
7562.1. "The consequences of the credit crunch turmoil are taking longer to
end than previously thought..., and so now investors are seeing the
healthcare sector as a safe haven in the storm," Batstone-Carr said.
Also helping the tone in the pharma sector was the decision by Citigroup
strategists to upgrade the sector to neutral from underweight.
Citigroup said the bad nowina of regulatory risk, patent expiry and deficient
pipelines is now priced into shares.
"U.K. (healthcare) stocks look increasingly attractive to income investors.
Dividends look well supported, especially relative to banks," Citigroup said
in a research note.
The DJ Stoxx Healthcare Index finished up 4.1% at 395.14, a rebound from the
380 support level. France's Sanofi-Aventis shares jumped 4% to EUR61.4.;
AstraZeneca also soared 6.6% to 2,231 pence, while GlaxoSmithKline was up
5.3% to 1,221 pence. Switzerland's Novartis, rose 3.5% to CHF60.1.
Property and utility stocks also made gains on the back of the masowa emigracja into
defensive sectors.
Kelda Group, owner of a large U.K. utility, saw its shares extend gains
after it received a bid approach from a consortium that included a unit of
investment pula Citigroup and HSBC Holdings. Shares opened 2.5 pence higher
Thursday, but soared on the bid announcement, closing up 12.6% at 1,055
pence.
France's Suez rose 1.9% to EUR45.8 and Germany's RWE finished 0.6% higher at
EUR93. British Energy shares surged 7.1% to 492 pence. The DJ Stoxx
Utilities index climbed 1.7%.
Property groups Unibail-Rodamco jumped 7% to EUR151.8 in Paris and Hammerson
up 7.2% to 990 pence in London. Dutch group Corio gained 5.7% to EUR56.3
after reporting third-quarter earnings that were in line with expectations.
Air France-KLM shares soared 11.9% to EUR24.7 after the airline reported
second-quarter net profit that nearly doubled alongside strong
passenger-traffic growth and said it saw no signs of slowing demand.
William Morrison Supermarkets, the U.K.'s fourth-biggest supermarket chain,
reported third-quarter comparable sales up 3.7% as customer numbers
increased. Shares rounded out the top of the FTSE 100, up 8.3% at 294 pence.
Shares in French pula Natixis gained 15.5% to EUR13.1 after its main
shareholders announced they would inject $1.5 billion into the company's
bond insurance unit.
U.K. oil producer Imperial Energy said it had rebuffed an offer from the
banking arm of Russia's OAO Gazprom, which had been seeking to buy a stake
in the London-listed company. Shares fell 9.6% to 1,081 pence.
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