Paris shares edge into positive territory; oil prices weigh on auto stocks
Share prices were slightly higher midsession as upward momentum in heavyweight oil-related stocks offset the dampening effect of high oil prices on auto and aviation shares.
At 12.10 p.m. the CAC-40 index was up 2.07 or 0.04 percent at 4,620.82 and the SBF-120 was 1.86 or 0.06 percent lower at 3,354.85.
The euro was quoted at $1.5484, compared with $1.5504 late Wednesday.
‘Oil has rallied a little, with some incidents pushing up the price and that has been weighing on some stocks in Paris,’ said a local dealer.
An attack on Shell’s Bonga oil field in Nigeria kept prices supported above $136 a barrel. The Anglo-Dutch oil giant was forced to close the offshore oil facility — which produces about 220,000 barrels per day — following an attack by militants.
Automotive and aviation stocks bore the brunt of the oil-related negative sentiment. Renault (other-otc: RNSDY.PK - news - people ) was down 1.31 or 2.30 percent at 55.58 while Peugeot (other-otc: PEUGY.PK - news - people ) traded 0.88 or 2.41 percent lower at 35.64. Michelin (other-otc: MGDDF.PK - news - people ) lost 0.48 or 0.98 percent to trade at 48.49 and Air France-KLM (nyse: AKH - news - people ) fell 0.25 or 1.55 percent to trade at 15.89.
Tags: air france, Auto, auto stocks, bonga, brunt, cac 40 index, dutch oil, Geo, hell, klm, michelin, militants, negative sentiment, offshore oil, oil field, oil giant, oil prices, Peugeot, Renault, sbf 120, share prices, upward momentum
