Madrid shares higher mid-session; Metrovacesa weighs, Iberdrola up

Madrid shares higher mid-session; Metrovacesa weighs, Iberdrola up

	Published : Wed, 21 Feb 2007 13:27 By : Agencies Print this Story

MADRID (AFX) - Share prices were higher in mid-session trade, after moving off through the morning as US futures pointed to a weak start on Wall Street and with a Metrovacesa sell-off weighing, dealers said.

At 12.45 pm, the IBEX-35 index was up 27.9 points at 14,914.5, after trading in a range of 14,902-14,963, on turnover of 1.6 bln eur.

Equities opened higher, boosted by a positive close on Wall Street, though had lost steam through the morning in moderate trade as US futures indicated a negative start in US markets.

Metrovacesa plummeted 15.85 eur or 13.45 pct to 102.00, as trade resumed after its suspension on Monday, on news that the company plans to split up its assets and form two new companies, which will cut the value of the listed Spanish property group.

Also weighing, Altadis slipped 0.39 to 39.10, after a report in El Economista that Philip Morris is seeking Altadis' support for a bid for Imperial Tobacco, taking the shine from M&A speculation surrounding the Spanish-French group which had caused the shares to rise, dealers said.

In the spotlight, Iberdrola added 0.14 to 35.03, buoyed by fresh news of stake building in the utility amid a robust set of full-year to December results released this morning.

Other utilities were mixed, with Endesa adding 0.01 to 38.20 ahead of full-year results tomorrow, Gas Natural rising 0.40 to 33.84, while Union Fenosa slipped 0.02 to 40.90.

Selected constructors were also mixed, with Ferrovial adding 0.60 to 78.70, ACS rising 0.43 to 45.03 after reporting solid full-year results yesterday, Sacyr Vallehermoso rising 0.40 to 47.36 after its realtor division reported net profit up 18.7 pct from a year earlier, FCC slipping 0.50 to 82.25, and Acciona dropping 0.15 to 161.60.

Cintra rose 0.22 to 13.61, ahead of reporting full-year results tomorrow.

Indra shed 0.04 to 19.11, after SocGen cut its stance to 'hold' from 'buy' and ahead of tomorrow's results.

Iberia fell 0.06 to 3.18, after Deutsche Bank downgraded it to 'sell' on valuation concerns.

Leading blue chips were mixed, with Telefonica off 0.01 at 17.18, while SCH rose 0.07 to 14.72, BBVA added 0.07 to 19.47 and Repsol YPF gained 0.06 to 25.01.

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