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Bourses move up quietly
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November 11, 1998: 1:11 p.m. ET
European markets close higher after a day of subdued trading
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LONDON (CNNfn) - Bourses ended a muted day in positive territory for the first time this week. Several markets were closed for the Armistice Day holiday.
The strong showing overnight in Asia provided an early boost in Europe, and there was relief that Wall Street looked headed for a reasonable day.
In London, the FTSE 100 closed at 5,476.8, a gain of 0.8 percent, or 44.5 points.
Frankfurt's Xetra DAX index rose 0.5 percent, or 23.98 points, to 4,705.32.
In Zurich, the SMI rose 1.4 percent, or 93.3 points, to 6,657.4.
The Paris market was closed.
In London, British American Tobacco bounced some 6 percent on hopes of a U.S. tobacco settlement.
Half-year results from nuclear electricity supplier British Energy were well received. Profit was above expectations and the stock jumped 6 percent, following a similar rise Tuesday.
Nine-month earnings from CGU brought some life back to the insurance sector. Insurers have been under pressure lately, but the sector's leading lights rebounded Wednesday.
CGU jumped 4 percent, inspiring gains at Legal & General, up 5 percent, and Royal & Sun Alliance, up 3 percent.
Half-year earnings from telecom group Cable & Wireless helped the stock to close 3.5 percent up.
Results season in Germany for the blue chips meant numbers from Commerzbank and Bayer.
Germany's fourth-largest bank posted better than expected numbers, and the shares rose 1.5 percent. The buying didn't follow on to other banks however, and they ended the day mostly flat.
Chemicals shares were flat too, after Bayer reported.
Schering shares increased 4 percent on nine-month profit numbers and hopes the group can pull off a cheaper deal to buy the seed unit of Cargill, the U.S. agribusiness firm.
The big gainer in Frankfurt was retailer Metro, which ran up another 6 percent after a strong rise Tuesday.
In Switzerland, the action switched away from the chemicals sector and gains in Clariant and Ciba Specialty Chemicals faded by the market's close.
Pharmaceuticals companies Novartis and Roche rose 3 percent and 1 percent respectively. Insurers AlliedZurich and Baloise enjoyed a good run.
Blue chips dominated the Amsterdam exchange. Telecom operator KPN jumped more than 4 percent, followed by 3 percent increases at Unilever and Philips. 
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