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Bourses edge higher
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February 9, 1999: 5:16 a.m. ET
A stronger euro, Wall St.'s late rally, earnings news lend support
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LONDON (CNNfn) - European equity markets got off to a brisk, but cautious, start Tuesday as investors scouted out under-performing issues in some markets and homed in on a spate of earnings reports in Britain.
London's FTSE index rose 0.47 percent, or 27.4 points, to 5,862.3 as investors looked for financial results from four blue chip companies and continued to focus on takeover talk in several sectors.
France's CAC-40 index gained nearly one percent to 4,189.89.
German shares rose 0.61 percent, to 5,083.09 on the electronically traded Xetra Dax, spurred by a surge in Mobilcom, (FMOB) a youthful contender in the German telecommunications market.
Mobilcom soared as much as five percent after reporting a nearly eight-fold increase in net profit, to 250.5 million marks ($144.1 million) in 1998, from 28.7 million marks.
The group grabbed 10 percent of the German long-distance phone market last year. Mobilcom stock was up in mid-morning 3.2 percent at 397.5 euros.
In London, British Airways (BAY) shares jumped more than four percent to 397 pence on the FTSE index after posting a 3rd quarter loss that was less than the market had expected. BA had better-than-expected nine-month profits of 310 million pounds, before tax. Analysts had forecast pre-tax earnings of between 247 million pounds and 257 million.
Investors let some air out of shares in industrial gases group BOC Group (BOC) Monday after the company cited poor economic conditions for an easing in first-quarter profits to 84.9 million pounds from 93.5 million a year earlier. BOC stock gave up nearly five percent to 822 pence.
Smithkline Beecham's (FSB) expected announcement that it will sell its two U.S. healthcare divisions in order to focus on the core pharmaceutical business helped spark a 1.75 percent jump in the company's share price, to 816 pence.
Deutsche Bank (FDBK) boss Rolf Breuer said in a TV interview that an acquisition of Bankers Trust would make no economic sense if it were delayed for too long. After briefly slipping, shares in the group were back in the black in morning trade, rising 0.65 euros to 49.65.
Other banks were also firm. Commerzbank (FCBK) rose 0.40 to 26.40 after posting higher-than-expected profits in the fourth quarter. Dresdner (FDRB) was up 0.20 at 34.30.
Chemicals heavyweight Bayer (FBAY) was firm, with the company reassuring investors it would stick to existing investment plans in Asia. Shares rose 0.35 to 32.25.
Continued speculation of a takeover of BMW (FBMW) pushed its shares up again Tuesday. BMW rose 12.5 euros to 739.00 on top of an 8 percent rise Monday.
Software group SAP, (FSAP3) possibly taking its lead from strong gains on the U.S. Nasdaq index, rose 3 euros to 340.
Packaging-to-chemicals group Viag (FVIA) was showing a 20.5 rise to 496.50.
In Switzerland, the SMI rose 0.69 percent to 7,104.3. Banking giant UBS, rose 4 francs to 456.00, and CS Group gained 1.25 to 221.25.
Food giant Nestle was also on the move, up 20 at 2,545. Transport group SAir rose 1.50 to 312.50. 
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