Wednesday May 7, 11:43 AM
Madrid shares higher midday ahead of U.S. data; Enagas, Ferrovial gain
MADRID (Thomson Financial) - Share prices were higher in modest midday trade ahead of key U.S. data this afternoon, with Enagas (Madrid: ENG.MC - news)
firm after a better-than-expected strategy update, while Ferrovial and Cintra (Madrid: CIN.MC - news) were also in favour.
At 12:20 p.m., the IBEX-35 index was up 50.50 points at 14,056.3, after trading in a range of 14,004 to 14,081.
Equities opened higher, lifted by an overnight recovery in the U.S., extending strength in early deals before easing gains in quiet trade ahead of U.S. housing and labour costs data.
'The market's off highs on inflation concerns following renewed strength in commodity prices, particularly after Goldman Sachs (NYSE: GS - news) forecast crude at 150 to 200 dollars within two years,' a trader at a local brokerage said.
'Focus later will be on a raft of U.S. data,' he added.
Enagas was up 0.42 euros or 2.14 percent at 20.04 after the group announced an increase in forecast investments to 2012 by 25 percent to 5 billion euros.
Ferrovial surged 2.90 or 5.34 percent to 57.30, while its Cintra unit put on 0.33 or 3.25 percent to 10.47 ahead of first quarter results due tomorrow.
Santander (Madrid: SAN.MC - news) was flat at 14.06 after La Gaceta's rumour column said the bank is scouring the German market for acquisition opportunities and tipped the possible acquisition of Dresdner Bank from insurer Allianz.
Among other heavyweights, Repsol YPF (Madrid: REP.MC - news) added 0.08 to 26.74 amid rising oil prices, while Telefonica (Madrid: TEF.MC - news) gained 0.17 to 19.12.
Telecinco (Madrid: TL5.MC - news) shed 0.21 to 12.44 extending yesterday's profit-taking as the stock goes ex-dividend today at 1.30 euros per share, with a negative EU ruling on Spanish broadcasters' TV advertising minutes yesterday also weighing.
Amid small-mid caps, Catalana Occidente (Madrid: GCO.MC - news) slipped 0.48 at 24.79, extending losses over the morning after UBS (Virt-X: UBSN.VX - news) downgraded the stock to 'neutral' from 'buy' with a 27.6 euros price target.
AGBAR soared 2.43 or 9.57 percent at 27.83, ahead of first quarter results due today, while Adolfo Dominguez (Madrid: ADZ.MC - news) plummeted 1.91 or 8.82 percent to 19.75 after yesterday's weak figures for the first two months of the year and a cautious outlook.
|
Send Article by Email
