16 de noviembre de 2015 / 15:02 / hace 2 años

Billions wiped off travel shares after Paris attacks, overall market steady

* FTSEurofirst up 0.2 percent, France’s CAC down 0.1 pct

* Travel, leisure stocks down 1.4 pct on Paris attacks

* Energy shares struggle to hold on to gains

* KBC rises on solid results, Sonova slumps (Adds fresh prices, detail)

By Alistair Smout and Sudip Kar-Gupta

LONDON, Nov 16 (Reuters) - European shares were steady on Monday, supported by gains in the energy sector that helped offset a slump in travel stocks following Friday’s attacks in Paris.

Energy shares outpaced the broader market, buoyed by the prospect of higher oil prices following French air strikes against Islamic State targets in Syria.

French shares slightly underperformed when markets reopened for the first time since the co-ordinated attacks by Islamist militants.

Around 2.5 billion euros ($2.68 billion) were wiped off the STOXX 60 Travel & Leisure index amid fears that the sector could be impacted by loss of consumer confidence.

Shares in French hotel group Accor fell 5.2 percent, Air France fell 5.6 percent while shares in Eurotunnel and Aeroports de Paris, the operator of Paris’ Charles de Gaulle and Orly airports, were down 3.8 percent.

Luxury stocks were also under pressure. Hermes, LVMH and Kering, which get a large part of their sales from foreign tourists in Paris, were all down more than 1 percent.

“Paris is one of the most important cities worldwide in terms of luxury spending and the timing is not good too -- a few weeks before Christmas, the most important period for retailers,” said Gregoire Laverne, fund manager at Roche Brune Asset Management.

“Those attacks will definitely have a long-term negative impact on the tourism sector in France, and all sectors (which depend) on tourists, but it cannot be measured yet  although the market tends to forecast the worst case scenario.”

Some highlighted France’s Showroomprive.com as an outperformer in the fashion sector, up 1.5 percent, with Internet-only retailers seen as more insulated from the drop in confidence.

“Companies that retail over the web could outperform,” said Clairinvest fund manager Ion-Marc Valahu.

Outside the retail and travel sectors, European stock markets were broadly resilient, with the attacks seen as strengthening the case for the European Central Bank to provide further monetary stimulus when it meets next month.

The pan-European FTSEurofirst 300 index edged up 0.2 percent and France’s CAC was down 0.1 percent.


Energy stocks were the leading sectoral gainers, rising 1.8 percent as crude oil prices edged up after France launched large-scale air strikes against Islamic State in Syria.

Basic resources stocks also firmed.

KBC rose more than 3 percent after the Belgian financial group posted a bigger-than-expected net profit, as a strong performance in its traditional banking and insurance businesses made up for a weaker showing of its dealing room.

Among outstanding losers, Sonova fell 7.7 percent as the hearing aid maker cut its sales and profit forecasts after weak cochlear implant sales, sluggish business with U.S. veterans and a squeeze on overseas earnings from the strong Swiss franc.

Today’s European research round-up ($1 = 0.9315 euros) ($1 = 0.9332 euros) (Additional reporting by Danilo Masoni in Milan; Editing by Catherine Evans)

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