close lower as profit taking bites; Colonial surges late
June 18, 2007
Financial) - Share prices closed lower as profit
taking hit selected stocks, though Altadis
defied the trend to gain on ongoing bid hopes
while a late surge boosted Colonial shortly
before the close.
The IBEX-35 index ended down
148.5 points at 15,103.6, after trading in a
range of 15,053-15,251, on a turnover of 6.2 bln
Equities opened slightly lower on
profit-taking, extending losses over the morning
to underperform the rest of Europe.
Spanish shares recovered some ground mid
afternoon and closed off lows.
Among those defying the downward trend were
Colonial, which surged in late trade to close
0.05 eur higher at 3.95. Altadis gained 0.30 to
50.00 on expectations CVC will formalise its 50
eur per share offer for the tobacco group
Also higher were Acerinox, up 0.09 to 18.89,
Repsol which was 0.11 ahead at 18.89 and
Endesa, which gained 0.02 to 39.99.
The remaining Ibex members were all lower
with Inditex the greatest loser, down 1.16 or
2.52 pct at 44.85 on profit taking from recent
Constructors were also well represented among
the day's greatest decliners, with Sacyr down
0.95 or 2.40 pct at 38.58, ACS off 0.92 to
48.02, Acciona losing 2.55 to 204.8 and
Ferrovial slipping 0.95 to 73.95.
Cintra lost 0.19 to 11.89, ahead of an
expected decision by the Texas authorities on
the SH-121 highway contract.
Among the index heavyweights, BBVA was down
0.16 to 18.43, SCH declined 0.13 to 13.87 and
Telefonica was off 0.25 to 16.51.
Media stocks were lower, with Antena 3 off
0.17 at 15.53, Telecinco sliding 0.06 to 21.57
and Sogecable falling 0.71 or 2.32 pct to 29.94.
Elsewhere, Vocento rose 0.23 to 15.77, after
Deutsche Bank initiated coverage with a 'buy'
stance and 19 eur per share target price.
Also escaping the selling pressure, Sol Melia
gained 0.79 or 4.82 pct to 17.17, after
Merrill Lynch upgraded its stance to 'buy' from
'hold' with a 19.5 eur price target.
Tecnocom was up 0.71 or 6.06 pct at 12.43
after agreeing to buy Getronics' Iberian
activities for 95 mln eur, well below analysts'