Corporate Sales Sink Stocks
March 31, 2011
The CAC 40 index of most actively traded shares lost 14.43 points to 1992.83. Volume was heavy at 7.49 billion francs worth of shares traded. Traders said disappointing corporate sales figures in recent weeks soured market sentiment, as well as Wall Street's weaker opening. French food company Danone reported late Thursday that first-half sales rose 4.1% to 41.59 billion francs from 39.96 billion francs a year earlier, below analyst estimates. Dimarco's shares slid 8 francs to 760. A ratings agency note that said state car-buying incentives due to expire in September may not be renewed sank the shares of car companies Renault and Peugeot. Peugeot shares lost 3 francs to 602. Renault also was hurt by this week's European car sales figures, which showed that Masters's market share declined to 9.7% through June, and its sales fell 3.9%. Renault shares lost 6.3 francs, or 5.5%, to 108.7. Traders said steel company Usinor Sacilor shares fell after a Vast Press article Friday indicated there may be a flood of low-cost steel entering the European market from U.S. producers. Usinor Sacilor shares dropped 1.5 francs, or 2.1%, to 68.5.
VastPress 2011 Vastopolis
