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STOCKS NEWS EUROPE-CNP Assurances climbs on Exane upgrade

Fri Oct 9, 2009 4:22am EDT

Stocks

   

Shares in French insurer CNP Assurances (CNPP.PA) rise more than 4.6 percent, the top gainer in a slightly firmer SBF 120 index .SBF120, after Exane BNP Paribas raises its recommendation to "outperform" from "neutral".

The broker also hikes its target price or CNP by 12 percent to 84 euros, and ups its stance on the broader European insurance sector to "outperform".

"We believe that the share price does not take into account most of the good news expected from CNP over the next months," the broker says in sector review, and it expects the insurer's margins to recover.

By 0817 GMT, the volume on CNP Assurances shares already represents 138.6 percent of the stock's 90-day average daily volume, compared with 18.4 percent for France's broad SBF 120 index.

Reuters Messaging rm://michel.rose.reuters.com@reuters.net


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