Saint-Gobain Leads Europe Higher

European equity markets moved higher by mid-morning on Tuesday, helped by strength in the construction and leisure goods sectors, and following overnight gains on Wall Street and in Asia.

The FTSE Eurofirst 300 rose 7.1 points, or 0.5 per cent, to 1,491.36 while the German Xetra Dax gained 43.2 points, or 0.7 per cent, to 6,651.49 and the French CAC 40 added 37.5 points, or 0.7 per cent, at 5,566.10.

On Tuesday, ABN Amro upgraded its recommendation from "hold" to "buy" and set a price target of €81. Paul Roger said a radical overhaul of Saint-Gobain's portfolio could improve returns and drive a re-rating for the sahres. Mr Roger suggested Saint-Gobain could sell its pipe, packaging, flat glass and high performance materials businesses for €20bn and use the proceeds to return €4bn to shareholders, repay €4bn in dent and to invest €12bn in its interior solutions/distribution markets.

Beiersdorf fell 1.6 per cent to €48.78 on profit taking after the maker of Nivea skin cream reported a 7 per cent increase in full-year sales in 2006,

Aegon rose 4 per cent to 15.02, helped by an upgrade from "neutral" to "buy" by Merrill Lynch which set a price target of €18.40. Aegon significantly underperformed the insurance sector and the wider European market last year but David Nisbet said it was time to consider investing as the valuation was too low and operational performance would improve with the company aiming to double new business by 2010.

Read the entire news on the source link below.

600450 Saint-Gobain Leads Europe Higher glassonweb.com

See more news about:

Others also read

European Glass industry partners with Surfrider Foundation Europe for cleaner and healthier oceans
Partnership will preserve an additional 300,000m² of beach in 2018.
Sika, the Burkard family and Saint-Gobain have signed agreements which terminate and resolve their dispute to the common benefit of all parties involved and that of their respective shareholders and stakeholders.
Christian Quenett
On 22 March, during the last General Assembly of Glass for Europe, Dr. Christian Quenett, Head of Architectural Glass Europe Pilkington Deutschland AG (NSG Group), has been elected Chairman of the Board of Directors of Glass for Europe.
Expansion of production capacity | SEKISUI S-Lec
Increased Production Capacity of Interlayer Film for Laminated Glass and Raw Material Resin in Europe.
Vesuvius takes action to protect intellectual property rights
Vesuvius has announced legal action taken to protect their intellectual property rights associated with Smartly Driven™ roll patents and end cap attachment technology.
Saint-Gobain Acquires Italian Company Logli Massimo
Saint-Gobain strengthens its glass solutions portfolio.

Add new comment