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Monday June 21, 05:30
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Dax pushes ahead but others stay put
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Europe’s bourses moved little overall in early trade on Monday as investors mark time amid a thin corporate calendar until June 30 when the US Federal Reserve will decide on whether to raise interest rates and by how much.
The FTSE Eurotop 300 was fractionally higher at 1,009.67 with the Frankfurt Xetra Dax up 0.5 per cent to 4,019.55 and the Paris CAC-40 adding 0.1 per cent to 3,746.27. London’s FTSE 100 though eased 0.1 per cent to sit just above 4,500 at 4,500.7.
Wall Street drifted in low volume trade last week and finished largely flat for the five-session stretch. By Friday’s close, the Dow Jones Industrial Average was flat for the week. The S&P 500 index eased 0.1 for the week. The Nasdaq Composite staged a 0.7 per cent weekly loss. See more on Wall Street
The market debut of Postbank has been delayed to Wednesday. It was due on Monday. Deutsche Post said on Saturday it will cut the asking price and the number of shares its sells to push through its flotation of Postbank. See more on Postbank
Italian utility Enel set a €1.7 per share price for the sale of its electricity grid Terna, in the middle of a previously announced range. Its debut is also due on Wednesday. Enel fell 4.3 per cent to €65, but he stock went ex-dividend this morning.
The UK’s fifth largest bank, Lloyds TSB, said it will deliver a satisfactory first-half performance as it maintains or increases its market share in the likes of mortgages and credit cards. The shares eased 1.6 per cent to 419.94p.
Centrica shares rose 2.7 per cent to 222p after Britain’s biggest household gas and electricity supplier, confirmed it is seeking a buyer for the AA vehicle breakdown services business for about £1.5bn. See more on Centrica sale of AA
Royal & Sun Alliance added 4 per cent to 84p on news it was in negotiations to sell its closed life assurance business, although the insurance group insisted that the talks were at an "early stage".
Upbeat comments from Intel, the world’s biggest chip semiconductor maker saw chip related shares rising. The chip making machinery maker ASML added 1 pe cent to €13.13 and consumer electronics giant Philips, which also makes chips, rose 0.4 per cent to €21.44.
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