EUROPE REPORT: Eurostoxx 50:2,322.17 (+2.28) Paris CAC:3,102.43 (–0.42) Frankfurt DAX:4,694.07 (+19.75)
PHARMACEUTICALS AND fish producers were among the companies defying yesterday’s swine flu gloom to emerge as winners on European bourses.
Pharma stocks performed strongly across the region, boosted by drugs they already produce and hopes that they might develop vaccines targeted at the latest outbreak.
Rochewas one of the main beneficiaries, because the Swiss drugmaker makes the Tamiflu anti-viral treatment. Roche shares gained 3.5 per cent to SFr144.50, one of the highest rises on the national index.
Merck,the German pharmaceutical and chemicals group, also enjoyed a successful session, rising 2 per cent to €67.74 in spite of reporting a worse drop in first-quarter profits than expected.
Sanofi Aventis,meanwhile, rose 2.4 per cent to €41.70.
France's Sperian Protection, which makes protective equipment such as face masks, rose 23 per cent to €34.50, its steepest climb since the 2003 SARS epidemic.
Fish suppliers were among the less likely gainers from the global worry. Previous outbreaks affecting livestock have pushed fish prices higher as anxious consumers view it as a safer option.
Norway's Marine Harvesttopped the Oslo index with a 6 per cent rise to NKr2.92, while Austevoll Seafood, a salmon farmer and fish food supplier, gained 10.9 per cent to NKr19.40.
Nireus Aquaculture,the holding company of Greece's Nireus group, which specialises in fish, fish feed, and fish farming equipment, climbed 16 per cent to €0.80 on the Athens index.
Worldwide, the swine flu scare primarily hit travel and tourism stocks, and Europe was no exception.
Accor,Europe's largest hotelier, lost 3.8 per cent to €31.47 on the Paris bourse, while Air Francefell 6.5 per cent to €8.39.
Spain was the first European country to have a confirmed case of the virus, and Iberia,its national flag carrier, closed 6.6 per cent lower at €1.42.
Energy shares retreated as crude fell 1.7 per cent.
Royal Dutch Shell, BG Group, Tullow Oil, Repsol, Totaland StatoilHydroshed between 0.3 percent and 2.5 per cent. – (Copyright The Financial TimesLtd 2009/Reuters)
