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24.02.2012 19:20

European stocks close

European stocks climbed as companies from Telecom Italia SpA to Eiffage SA said they will cut their debt in 2012.

National benchmark indexes advanced in 13 of the 18 western-European markets. Germany’s DAX Index gained 0.8 percent, while France’s CAC 40 Index rose 0.7 percent. The U.K.’s FTSE 100 Index slipped less than 0.1 percent.

Telecom Italia jumped 6.8 percent to 86.7 euro cents after the company forecast a bigger-than-estimated reduction of debt this year, as well as stable earnings and revenue. Full-year earnings before interest, taxes, depreciation and amortization climbed 7.3 percent to 12.25 billion euros ($16.4 billion), inline with analysts’ estimate of 12.3 billion euros.

Eiffage surged 16 percent to 29.51 euros after Chief Executive Officer Pierre Berger said the French builder’s net income and revenue will climb in 2012 as it improves the operating margins at its contracting units. The company plans to trim its debt by 2 billion euros in five years. Natixis upgraded the shares to “buy” from “neutral.”

Elsewhere, Lloyds Banking Group Plc slid 2.3 percent to 35.73 pence, paring yesterday’s 3.3 percent advance. The shares fell after the lender’s full-year net loss widened to 2.8 billion pounds from 320 million pounds for 2010 as the bank compensated customers who were mis-sold loan insurance. That fell short of the 2.41 billion-pound median analyst estimate.

24.02.2012 19:44

American focus: euro rose

24.02.2012 18:01

U.S. stocks rose

Market Focus

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  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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