European open: Bank up after quarterly figures

27th Jul 2010 09:08

Banking shares are leading the rise in early dealings Tuesday morning after a number of positive earnings reports. Investors also focus on BP. The oil giant confirmed Tony Hayward is to step down as chief executive of the group on 1 October to be succeeded by fellow executive director Bob Dudley. The group also unveiled a $32.2bn charge for the Gulf of Mexico oil spill, including the $20bn it has already committed to putting in escrow. As a result the company reported a headline loss of $17bn for the second quarter, the largest ever by a UK company.Across the markets, the Dax in Frankfurt has gained 22 points to 6,216, with the Cac in Paris up 37 points to 3,673. The Swiss market has added 64 points to 6,264.UBS has rallied after the Swiss bank swung to a second-quarter net profit of 2bn Swiss francs from a loss of 1.4bn francs last time. That was well above expectations for a 1.26bn francs profit. Deutsche Bank advanced after Germany's biggest lender reported a rise in second quarter net profit of €1.2bn up from €1.1bn a year ago. However, revenues fell to €7.2bn from €7.9bn previously."In a quarter which was characterised by increased investor uncertainty and higher market volatility, Deutsche Bank's investment banking business followed the industry-wide trend of weaker profitability," said chief executive Josef Ackermann.Elsewhere in the sector, Credit Agricole, Societe Generale and BNP Paribas are also in demand. CAC 40 - RisersCredit Agricole (ACA) € 10.49 +8.74%Societe Generale (GLE) € 42.69 +6.75%Dexia (DEXB) € 3.84 +6.38%BNP Paribas (BNP) € 53.82 +5.53%AXA (CS) € 13.80 +3.37%Alcatel-Lucent (ALU) € 2.17 +1.54%Bouygues (EN) € 33.12 +1.21%Peugeot (UG) € 24.88 +1.14%Lagardere SCA (MMB) € 28.44 +0.96%Veolia Environnement (VIE) € 20.25 +0.82%CAC 40 - FallersDanone (BN) € 45.01 -2.82%Accor (AC) € 25.44 -1.30%EADS (EAD) € 17.73 -1.25%L'Oreal (OR) € 82.71 -0.87%Pernod Ricard (RI) € 62.43 -0.59%Vallourec (VK) € 79.89 -0.58%LVMH (MC) € 94.51 -0.55%Schneider Electric (SU) € 89.79 -0.51%Total (FP) € 38.25 -0.13%Alstom (ALO) € 38.63 -0.13%