European midday: Earnings provide lift

29th Jul 2010 11:46

A bunch of forecast beating corporate results are giving Europe's leading exchanges a lift in midday dealings.Across the markets, the Dax in Frankfurt is up 37 points at 6,216, with the Cac in Paris 17 points higher at 3,688. The Swiss market has added 11 points at 6,288.Pharmaceutical firm Merck is the best performer on the German market after it reported a better-than-expected 69% rise in second-quarter net profit to €183.4m and lifted its outlook.Volkswagen also topped forecasts when the carmaker said it made a second quarter net profit of €1.25bn compared with last year's €283m.France Telecom gained after reporting a rise in first-half net income to €3.7bn compared with €2.6bn last year and reaffirmed its organic cash flow target. Spanish rival Telefonica is also up after a 16% rise in net income.Spanish banking giant Santander saw second-quarter net profit fall 8% to €2.23bn. AstraZeneca's potential blockbuster heart drug Brilinta has received the backing of a US advisory panel just as the Anglo-Swedish drug giant increased 2010 earnings targets for a second time this year following a strong performance from emerging markets and key drugs in the second quarter. France's Sanofi-Aventis said second-quarter net income attributable to equity holders grew 61.2% to €1.71bn.Siemens beat market estimates in its third quarter with a record operating profit of €2.3bn. The order intake improved by 22% to €20.87bn.Anglo-Dutch oil giant Royal Dutch Shell has trumped analyst estimates with a 15% jump in second quarter profit, in stark contrast to loss-making rival BP, thanks to higher oil prices and an increase in production.Another Anglo-Dutch firm, magazine publisher Reed Elsevier, also reported. The publishing group said advertising and promotion markets are stabilising as underlying revenues increased 1% in the first half.CAC 40 - RisersCap Gemini (CAP) € 36.38 +7.43%France Telecom (FTE) € 16.00 +5.50%Bouygues (EN) € 32.96 +1.71%GDF Suez (GSZ) € 26.04 +1.60%Alcatel-Lucent (ALU) € 2.13 +1.38%PPR (PP) € 104.05 +1.31%Lafarge (LG) € 43.50 +1.25%ST Microelectronics (STM) € 6.41 +1.12%Veolia Environnement (VIE) € 20.55 +1.11%LVMH (MC) € 93.64 +1.07%CAC 40 - FallersVallourec (VK) € 76.75 -3.46%Peugeot (UG) € 23.38 -1.99%ArcelorMittal SA (MT) € 23.74 -1.90%Renault (RNO) € 34.25 -1.21%EDF (EDF) € 32.12 -1.02%Credit Agricole (ACA) € 10.65 -0.93%Michelin (ML) € 59.52 -0.78%Essilor International (EI) € 47.94 -0.71%Carrefour (CA) € 35.12 -0.59%BNP Paribas (BNP) € 54.69 -0.49%