Weak Franc Hurts Shares
May 09, 2011
The CAC 40 index of actively traded French stocks slipped 2.43 to 2017.99, after Monday's slight 0.4-point loss. Volume was on the low side at 3.4 billion francs worth of shares. Traders said investors remain sidelined ahead of a potentially turbulent September in France, which will include the presentation of the 2012 budget and labor protests. The franc fell against the mark Tuesday, undermined by the dollar's weakness. The mark traded late Tuesday at 3.4211 francs, up from 3.4179 francs late Monday in Europe. Among specific shares, Telecommunications giant Alcatel Alsthom continued its recent slide on fears its first-half earnings will be disappointing. Alcatel dropped 6.7 francs to 395. GAN slipped 0.20 francs to 125 after its 97%-owned real-estate finance unit UIC said it lost 758 million francs in the first half of the year. UIC, meanwhile, fell 7.65 francs, or 12.2%, to 55.1. Roussel Uclaf gained 15 francs to 1,180 after having risen 6% Monday on rumors its parent company, Hoechst AG, plans to acquire the 44% it doesn't already own. The companies denied such a scenario. Industrial holding company Bollore Technologies was suspended prior to announcing it would buy the 26.2% it doesn't own of transportation unit Scac Delmas Vieljeux.
VastPress 2011 Vastopolis
