FINANCE
Company
Currency Price
Price Change Change
at start at end
(%)
CEM Index
139.16 145.04
5.88
4.22
Buzzi Unicem (Ord)
€
12.22
11.29
-0.93
-7.61
Cemex (CPO)
MXP
13.71
15.88
2.17
15.83
Cimpor
€
3.15
3.10
-0.05
-1.59
CRH
€
15.78
16.29
0.51
3.23
Heidelberg Cement
€
51.07
54.61
3.54
6.93
Holcim
CHF
67.45
66.25
-1.20
-1.78
Italcementi
€
5.50
5.30
-0.20
-3.64
Kone (B)
€
63.20
62.40
-0.80
-1.27
Lafarge
€
47.52
47.40
-0.12
-0.25
Saint-Gobain
€
30.43
35.61
5.19
17.04
Schindler (BPC)
CHF
131.30 130.10
-1.20
-0.91
Schneider Electric
€
57.26
59.74
2.48
4.33
Titan Group (Common)
€
12.93
14.23
1.30
10.05
Vicat Group (Common)
€
46.66
51.76
5.11
10.94
Wienerberger
€
8.38
11.25
2.87
34.25
Wolseley
UK£
31.960 33.230 1.270
3.97
Period: Week 27 – 34
MATERIALS PRODUCERS
also been lifted by some major
contract wins. Most significant
of these was a US$7.8 billion
(€5.86 billion) contract to build
a section of the Riyadh, Saudi
Arabia metro system.
But not all the companies
that make up the CEC saw
their share prices rise over the
summer. Fallers included Bam,
Bauer, Tecnicas Reunidas, Trevi
and Veidekke, and these losses
limited the overall gains of the
index.
It was also a good few weeks for
the materials producing sector,
which saw a 4.22% gain to take
the CEM to 145.04 points. The
most significant drivers here
were double-digit gains for
some of the high capitalisation
companies,
namely
Cemex
and Saint-Gobain, while similar
strength from the likes of Titan,
Vicat and Wienerberger also
helped.
On the down side, there were
several fallers in the sector,
namely Buzzi Unicem, Cimpor.
Holcim,
Italcementi,
Kone,
Lafarge and Schindler, which
again took some of the shine off
an otherwise strong two months
for the sector.
The picture as perhaps a bit
more clouded among equipment
manufacturers, where the CEE
Index for the industry moved up
just 3.14% in the same seven
week period. On the face of it, this
looks to understate the strength
of the industry, with the likes
of Atlas Copco, CNH, Doosan,
Hyundai, Manitowoc, Palfinger
and Terex seeing double-digit
gains.
However, things were different
for several key high capitalisation
companies that dominate the
Index. Caterpillar, which accounts
for over 20% of the CEE, moved
sideways over the summer period
and Deere, which represents a
near-15% slice, was similarly flat.
Elsewhere, Komatsu, which is just
over 9% of the CEE was down
a little.
The only good news from the
high-capitalisation companies
was from among the Swedes,
with Atlas Copco, Sandvik and
Volvo adding some useful gains.
CURRENCIES
It was a mixed few weeks on the
currency markets, with the Euro
gaining good ground against the
US Dollar and Japanese Yen, with
€ 6078 million loss in its second
quarter results, driven by write-
downs for the bankruptcy of its
Austrian subsidiary, Alpine Bau
and regulatory changes at home
that hit its FCC Energy division.
However, since the results
announcement, FCC has found
a private equity buyer for Alpine
Energie and the company has
14
CONSTRUCTION EUROPE
SEPTEMBER 2013
make up the index saw their
share prices rise, and in some
cases – the likes of Bouygues,
FCC, Kier, Mota Engil and Sacyr,
the gains were striking, with
20% increases of greater. Most
remarkable was FCC, which saw
its value increase by two-thirds in
the seven week period.
FCC’s gains came despite a
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