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STOCKS NEWS EUROPE-L'Oreal falls after results

Fri Nov 6, 2009 3:59am EST

Stocks

   

Shares in cosmetics major L'Oreal (OREP.PA) fall 2.5 percent, the biggest losers on FTSEurofirst 300 .FTEU3 index of top European shares, after the firm posts in-line quarterly sales and says it sees no pick-up in consumer demand globally but expects improved trading in the fourth quarter.

"Organic growth recovery is confirmed but slow, while valuation limits upside," write Societe Generale analysts, who downgrade their rating on the stock to "hold" from "buy".

L'Oreal stock is up 12 percent so far in 2009, while the DJ STOXX personal and household goods index .SXQP has gained 29 percent over the same period.

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