European Indexes End Lower

A roundup of Thursday's action on major European exchanges

by S&P MarketScope Europe Staff

London

FTSE 100 closed in the red as Wall Street traded lower amid persistent worries about the credit market and the American economy. At home, October UK
retail sales showed an unexpected fall. Banking stocks were positive on a reassuring message from BARCLAYS (+0.38%) (BCS). The bank made an unscheduled announcement saying it made an additional £0.8 billion in net charges and writedowns in October, well below estimates. EXPERIAN (-10.01%) (EXPN.L) plummeted after saying it expects organic growth to slow. SCOTTISH & NEWCASTLE (+2.43%) (SCTN.L) rallied after Heineken and Carlsberg launched a revised offer for the group. The brewer rejected the new approach arguing it still undervalued the company. SABMILLER (-3.27%) (SAB.L) lost fizz after warning of tougher days ahead. NATIONAL GRID (+0.13%) (NGG) said profits in first half rose 21% and outlook for fiscal remains in line with expectations. REED ELSEVIER (-2.56%) (ENL) said it is on track to deliver 2007 minimum growth of 10% in adjusted EPS. BRITISH LAND (-3.84%) (BLND.L) delivered a flat first half NAV, slightly below forecast. VEDANTA (+1.07%) (VED.L) posted a 6% increase in interim profits, beating its own forecast. LSE's (+1.24%) (LSE.L) first half figures came in line with estimates. TRINITY MIRROR (+2.56%) (TNI.L) was boosted by a pick-up in advertising in October.

Paris

The CAC 40 (-0.93%) closed in the red, with Wall Street trading flat-to-lower following in-line CPI data and above-consensus jobless claims. Locally, L'OREAL (+2.14%) (OREP.PA) placed an 1.8% stake in SANOFI AVENTIS (-4.74%) (SNY). As a result of this placement, L'Oreal's share in the capital of Sanofi has been reduced to 8.7%. UBS upgraded L'Oreal to buy from neutral. Among those reporting, CREDIT AGRICOLE (-3.29%) (CAGR.PA) reported third quarter net income of €954 million, down 16.8% year-over-year. VIVENDI (-1.49%) (VIV.PA) tabled third quarter adj net income that missed estimates at €721 million. SUEZ (+0.38%) posted nine months sales of €34.2 billion, broadly in line. VALLOUREC (+1.79%) (VLLP.PA) reported third quarter sales of €1.5 billion, beating consensus of €1.465 billion. The group raised second half sales guidance. BOUYGUES (+1.25%) (BOUY.PA) said third quarter sales rose 13% to €8 billion, well ahead of consensus of €7.42 billion, while nine months sales rose 11% to €21.3 billion. SODEXHO (-9.75%) (EXHO.PA) dished out a fiscal 2007 net income of €347 million, short of consensus at €354 million. TECHNIP (-2.5%) (TECF.PA) unveiled third quarter operating income and net profit that fell below expectations. ATOS (-3.93%) (ATOS.PA) released third quarter revenue of €1.418 billion, up 11.1% - a shade above consensus. NEXANS (-4.78%) (NEXS.PA) is to acquire the cable business of Chile's Madeco.

Frankfurt

The Xetra-Dax (-1.