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    August 3, 2007

    Total lower on sector downgrade

    Filed under: Other, Volkswagen, BMW, Commerzbank, Air France-KLM, BASF, Linde, Total, Lufthansa, Man, Lafarge

    European markets went into reverse again on Friday.

    The FTSE Eurofirst 300 was 1.34 percent lower to 1,516.42.

    The IBEX was 0.98 percent lower to 14,534.3 in Madrid, while the Dax fell 1.31 percent to 7,435.67 and the Paris CAC-40 was down 1.48 percent to 5,597.89.

    Volkswagen (FWB: VOW; OTC: VLKAY) had the best day on the Dax as it added 1.18 percent to €139.04, but the sector was mixed as BMW (FWB: BMW) fell 2.5 percent to €35.19.

    Truck maker Man (FWB: EDF1) gained 0.43 percent to €105.67.

    Airlines were also mixed.

    Lufthansa (FWB: LHA) was 0.67 percent higher to €20.97, but Air France (Euronext: AF; NYSE: AKH) dropped 2.25 percent to €32.56.

    Commerzbank (FWB: CBK) had the worst day on the Dax, falling 4.24 percent to €29.13, while in Paris construction materials group Lafarge (Euronext: LG; NYSE: LR) was 4.07 percent lower to €120.10 for the worst performance on the CAC-40.

    Other decliners included industrial gases group Linde (FWB: LIN), which was down 2.67 percent to €86.54.

    Chemicals group BASF (FWB: BFA; NYSE: BF) fell 2.18 percent to €91.65.

    In the oil sector, Total (Euronext: FP; NYSE: TOT) was down on lower prices for Brent crude and as Citigroup (NYSE: C) downgraded of the sector from “overweight” to “neutral” and suggested that investors put their money in raw materials producers instead.





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