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Challenging the Wisdom of the Trans Texas Corridor.
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Cintra lost 0.19 to 11.89, ahead of an expected decision by the Texas authorities on the SH-121 highway contract. |
Madrid shares close lower as profit taking bites; Colonial surges late UPDATE June 18, 2007 AFX News MADRID (Thomson 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 eur. 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 tomorrow. 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 outperformance. 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' expectations.
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This Page Last Updated: Monday June 18, 2007