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STOCKS NEWS EUROPE-Cemex results weigh on cement makers

Wed Oct 28, 2009 6:09am EDT

Stocks

   

Shares of European cement makers take a beating, with HeidelbergCement (HEIG.DE) down 7.6 percent, after Mexican peer Cemex (CX.N) reports disappointing quarterly figures after the close of European markets on Tuesday. "Cemex's third-quarter results missed market estimates on the top line by 5 percent and on the bottom line by 30 percent ... Altogether (this is) not really a positive indication for the sector. Investors betting on a quick recovery and the effect of the stimulus packages will be disappointed," says DZ Bank analyst Marc Nettelbeck.

Holcim (HOLN.VX) drops 4.7 percent, Lafarge (LAFP.PA) loses 3.8 percent, while Italy's Buzzi Unicem (BZU.MI) slides 3.3 percent and German construction peers Hochtief (HOTG.DE) and Bilfinger Berger (GBFG.DE) are down 5.2 percent and 5.6 percent respectively.

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