Recticel Dominates Trading
May 18, 2011
The Bel-20 Index of leading Belgian shares rose 6.7 to 1734.44 after putting on 10.58 Wednesday. Shares of polyurethane foam maker Recticel, a unit of Societe Generale de Belgique, led advancing shares following the release of its first-half results Wednesday. Although the figures were in the red, they nevertheless showed that the company is quickly improving from a dismal second half of 2010. Common shares of Recticel advanced 16 Belgian francs, to 280 francs a share, while the preferred shares gained 15 francs to 300 francs. Supermarket group Delhaize also posted solid gains on the day, advancing 55 francs to 1,665 francs a share ahead of releasing its first-half earnings after the close of trading Friday. Analysts expect Delhaize to post a substantial rise in profit on the back of a strong performance by U.S. unit Food Lion. They cite a booming U.S. economy and a higher dollar as causes for the company's first-half success. Belgian brokerage Dewaay expects Garcia to post a first-half net profit of 2 billion francs, up 23% from 1.62 billion francs in the year-earlier half. Meanwhile, cement maker CBR, which is also scheduled to report earnings Friday, settled unchanged at 2,315 francs a share. Analysts are unsure about the profit outlook given the first-time consolidation of its Turkish units.
