Brussels shares trade lower in late morning as financials drop

Brussels shares trade lower in late morning as financials drop

	Published : Wed, 10 Jan 2007 11:49 By : Agencies Print this Story

BRUSSELS (AFX) - Shares were lower in late morning trade as the heavy weighting of financials in the Bel 20 pulled the index lower after weakness on Wall Street yesterday, traders said.

At 11.08 am, the Bel 20 was down 31.23 points or 0.71 pct at 4,394.92.

Financials were lower, with KBC off 1.45 eur or 1.50 pct at 95.00, Dexia down 0.24 eur or 1.11 pct at 21.31 and Fortis 0.31 eur or 0.95 pct weaker at 32.30.

Utility Suez was down 0.15 eur or 0.39 pct at 38.43. French financial daily La Tribune reported that Belgian investor Albert Frere is about to raise his shareholding in French utilities giant Suez to 10 pct, which would give him 15 pct of voting rights, without naming its sources.

Frere's holding company Groupe Bruxelles Lambert was unavailable for comment.

GBL said last week it has acquired 'around 1.1 pct' of shares in Suez for around 590 mln eur, bringing its holding to 9.1 pct.

French financial markets regulator AMF said yesterday that Artemis, the holding company of businessman Francois Pinault, has until 8.00 am Paris time Feb 2 to launch an offer for Suez, either alone or in partnership with others, or to state its intention to do so.

GBL was down 0.85 eur or 0.94 pct at 89.35.

In positive territory, supermarket Colruyt rose 2.20 eur or 1.34 pct to 166.60 and metals group Bekaert was up 0.85 eur or 0.92 pct at 93.55.

Outside the Bel 20, cinema group Kinepolis is today expected to post full-year visitor figures after the market closes showing strong attendance boosted not only by new multiplexes in France, but also by a good film mix and positive market trends, analysts said.

The stock was down 0.20 eur or 0.45 pct at 44.70.

Full-year visitor figures are estimated at 23.9-24.2 mln tickets sold, up from 22.57 mln last year, according to analysts polled by AFX News.

For the fourth quarter, 6.5-6.6 mln visitors are expected, after 6.55 mln last year.

Growth is expected to be strongest in France, where analysts are estimating growth of over 12 pct due to the new cinema in Nancy -- although overall growth in France and Belgium is also seen as positive on a like-for-like basis.

Shares in EVS were 0.23 eur or 0.50 pct lower at 45.70 after the broadcast equipment manufacturer was downgraded to 'accumulate' from 'buy' at Delta Lloyd on valuation grounds, analysts said.

The broker held its 48.00 eur target price. It said it cut its rating despite remaining 'confident and positive' about the group's investment case.

DLS lauded news that US broadcaster NBC is using EVS' XT(2) HD server for coverage of NFL American football.

Olivier Colsoul, analyst at DLS, said: 'The news underpins once again EVS' strong position in outside broadcast digital equipment, but also its successful penetration in near-live studio editing.'

frances.robinson@afxnews.com

fr/ic

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited