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13.09.2013 17:20

European stock close

European stocks advanced, extending a second weekly gain for the Stoxx Europe 600 Index, as companies from Fresenius SE to Kabel Deutschland Holding AG rallied following mergers-and-acquisitions activity.

The Stoxx 600 rose 0.2 percent to 311.43 at 4:30 p.m. in London after earlier dropping as much as 0.4 percent. The equity benchmark has gained 1.7 percent this week as investors awaited the next Federal Reserve meeting, while a report showed that Chinese exports grew at a faster-than-expected pace.

The Stoxx 600 fell from its highest level in more than five years yesterday as a report showed the euro area’s industrial output contracted more than forecast.

U.S. Secretary of State John Kerry meets with Russian counterpart Sergei Lavrov in Geneva to discuss a deal to remove Syria’s chemical weapons. Syrian President Bashar al-Assad said that the administration of President Barack Obama must stop its military threats and cease arming rebel groups for the nation to give up its chemical arsenal. Obama delayed a decision on military action after Russia proposed putting the chemical weapons under international control.

In the U.S., a Commerce Department report showed that retail sales rose at a slower pace in August. Purchases climbed 0.2 percent, after increasing a revised 0.4 percent in July. The median forecast survey had called for sales to increase 0.5 percent.

The retail report was one of the last pieces of data before the Fed meeting on Sept. 17-18 when policy makers will discuss whether to reduce their monthly bond purchases. Chairman Ben S. Bernanke has said that the central bank may consider tapering if the economy continues to grow in line with its forecasts.

National benchmark indexes climbed in 11 of the 18 western-European markets.

FTSE 100 6,583.8 -5.18 -0.08% CAC 40 4,114.5 +7.87 +0.19% DAX 8,509.42 +15.42 +0.18%

Fresenius increased 3.6 percent to 91.10 euros and Rhoen-Klinikum rallied 11 percent to 19.45 euros. The boards of both German companies endorsed the deal for Fresenius’s Helios unit to buy 43 hospitals from Rhoen-Klinikum. The deal requires regulatory approval and the support of minority shareholders and the former owners of some of the hospitals. Fresenius said that the purchase will add 2 billion euros in annual revenue and 250 million euros in earnings before interest, taxes, depreciation and amortization.

Kabel Deutschland jumped 6.3 percent to 91.82 euros, the highest price since its initial public offering in March 2010. Vodafone Group Plc said that at least 75 percent of the German company’s shareholders supported its 7.7 billion-euro bid before yesterday’s deadline expired. Kabel Deutschland investors who haven’t tendered their shares will get a second chance to do so from Sept. 17 to Sept. 30.

Carlsberg A/S gained 1.6 percent to 579 kroner. The brewer predicted that it will sustain the 5 percent organic-sales growth in the China from the first half. Separately, Goldman Sachs Group Inc. raised the stock to neutral, the equivalent of hold, from sell. The brokerage cited the improving economy in Europe and cost-saving measures.

BHP Billiton slid 2 percent to 1,885 pence and Anglo American, the world’s largest platinum producer, lost 3.2 percent to 1,568.5 pence as a gauge of mining companies posted the biggest decline of the 19 industry groups in the Stoxx 600.

TDC dropped 3.1 percent to 46.41 kroner as a group of private-equity firms sold its stake in the company for 4.17 billion-krone ($744 million). NTC sold 90 million shares at 46.30 kroner apiece. That amounted to an 11 percent stake in TDC, (TDC) according to JPMorgan Chase & Co. which managed the sale.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • 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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