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All Over The Place

29 July 2015 by lberuti

It could have been a quiet summer day, but the reporting session is in full swing in Europe. Combined with a flurry of headlines, they together triggered some volatility on a fairly large array of names. Some were wider like HEIGR ( HeidelbergCement AG ) after the company announced it intends to spend €3.7Bln to buy Italcementi (it signalled last month only that it was prepared to return money to shareholders!) or PORTEL (Portugal Telecom International Finance B.V.) which still suffers from its exposure to Brazil. Some were tighter like PEUGOT ( Peugeot SA ) whose results exceeded analysts’ prediction regarding their first half earnings as they pretty much achieved their targets, or WINDIM after it was rumoured that VimpelCom and Hucthison were close to merging their Italian assets. Unusually for a 29th July, the Grapple showing the daily variations of the European High Yield universe bears bright shades of both red and green.