European stocks were higher on Thursday, ahead for afourth day as investors looked for bargains among beaten-down banking and cyclical stocks.
As for the best performers within French index, and some of the losses which reduced the index were led by BNP Paribas, which rose 2.74% to close at 34.36 €. Followed by Societe Generale shares up by 2.59% to close at 21.95 €, while the rose LVMH Moet Hennessy Louis Vuitton by 1.22% to close at 111.95 €.
In the UK the FTSE 100 bucked its three day winning streak today as disappointing US employment data and a gloomy prognosis for the High Street sent the blue-chip index tumbling by 1.5%. Retailers also suffered as Peter Marks, chief executive of the Co-operative Group, warned that his industry faced the worst conditions in 40 years as a result of falling house prices, the threat of unemployment and the reduction in real incomes as inflation outstrips wage growth. If that wasn't enough, the CBI reported that in August UK high street sales suffered their sharpest fall in a year, while Topps Tiles, the flooring retailer, issued a profits warning that knocked 28% off its market capitalization. Marks & Spencer fell by 4.5%.
French Connection will announce its results for the six months to the end of July on 19 September. Its share price was -1.5p at 72.5p.
In the US, Gap reported that net sales for the second quarter of fiscal year 2011, which ended July 30, 2011, increased 2 percent to $3.39 billion compared with $3.32 billion for the second quarter last year. Net income decreased 19 percent to $189 million compared with $234 million for the second quarter last year. Second quarter diluted earnings per share was $0.35 compared with $0.36 last year. The Gap Inc. stocks were at 16.46 at the end of the last day’s trading. There’s been a -16.6% movement in the stock price over the past 3 months.