Stocks Follow U.S. Higher
May 19, 2011
The Bel-20 Index of leading shares ended the day up 1.2 to 1735.62. Investors in Europe were cheered when the U.S. equity and bond markets advanced despite a stronger-than-expected report on U.S. employment in August. The data further indicated that the economy is strengthening and that the Federal Reserve may raise interest rates to head off inflation. Traders said that primary-materials producers led all sectors, bolstered by prospects of a stronger dollar. In late European trading, the dollar rose to 30.67 Belgian francs, from 30.57 francs late Thursday. Oil producer Petrofina climbed 40 Belgian francs to 9,680; pharmaceutical group UCB added 100 francs at 59,800; and Sofina, the parent company of chemical maker Solvay, advanced 125 francs to 16,600. Just after the close of trading Friday, supermarket operator Delhaize announced its first-half net profit reached 1.97 billion francs, in line with analysts' expectations. Delhaize ended 20 francs lower at 1,645. Profits turned in by its foreign affiliates helped cement-maker Cimenteries CBR post a 12% rise in first-half profit to 1.74 billion, slightly better than analysts expected. CBR ended the day off 5 francs at 2,310, prior to the release of the company's earnings results.
