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Bourses edge higher
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April 1, 1999: 11:42 a.m. ET
London hits new intra-day high boosted by retail cash but closes short of record
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LONDON (CNNfn) - Europe's markets shook off a morning of losses Thursday to close modestly higher pulled up by a positive start by Wall Street. Trading was thin in most markets ahead of the four-day Easter weekend.
Investors were nervous of holding positions over the holiday period with an eye on the military action in Yugoslavia. The main four bourses are now closed until Tuesday.
The FTSE 100 closed 35 points higher at 6,330, just over 5 points short of its record finish March 11. Earlier in the session the blue chips had hit a new intra-day high of 6,370.1, beating the previous best of 6,365.4 set March 12.
After choppy trading in Paris, the CAC 40 ended up 32 points at 4,229.85, the first time it has finished above the 4,200 mark since March 19.
In Frankfurt, Germany's electronically-traded Xetra Dax shook off early losses to finish 37 points higher at 4,901.81.
Zurich, which closed early for the Easter holiday, closed the session almost flat at 7,132.4, a rise of just over 2 points.
In London, blue chips were boosted by a last-minute injection of retail cash as investors took advantage of the expiration of special tax-breaks before the start of the new fiscal year April 5.
Telecom, banking and pharmaceutical stocks led the way.
Banking group Barclays (BARC) closed 4.6 percent higher at 1,856, while mobile phone stock Orange (ORA) put on 3.75 percent to 899 pence.
Index heavyweight, Glaxo Wellcome (GLXO) was up almost 4 percent at 2,153 pence amid continuing speculation about consolidation in the pharmaceutical sector. Rival Zeneca (ZEN) put on 3.65 percent to 3,024 pence as index trackers piled into the stock before its merger with Swedish drug company Astra.
Cable & Wireless (CW) was down over 2.58 percent at 7,487 pence after the U.K. telecom giant said it is suing MCI WorldCom (WCOM) in a dispute over the sale of the U.S. company's Internet business.
Confirmation that BP Amoco (BPA) will take over its smaller U.S. rival Atlantic Richfield (Arco) in a $26.8 billion all-stock deal did little for oil stocks.
The sector was depressed as the price of crude dipped, having broken through the $15 per barrel mark Wednesday.
BP Amoco shares fell for the third day running, shedding almost 4 percent to end down at 1,011 pence. Shell (SHEL) was flat at 418 pence.
In Paris, Elf-Aquitaine (PAQ) lost 3.42 percent to 121.5 euros, while Total (PFP) closed down 2.54 percent at 111.2 euros.
Conglomerate Suez Lyonnaise (PLY) ended the session 1.46 percent higher at 173.9 euros, after the company said 1998 profit rose 64 percent to 1 billion euros, better than anticipated. It also said it is raising its dividend and expects "significant growth" in profit this year, Reuters reported
France Telecom (PFTE) had yet another strong session, finishing 3.2 percent higher at 77.30.
Investors in Frankfurt showed little reaction to a deal between carmaker BMW (FBMW) and the U.K. government, which agreed to 180 million pounds ($290 million) in state subsidies Wednesday to help save the company's ailing Rover plant at Longbridge in the U.K. BMW's stock closed 0.50 euro lower at 605.50.
Metals group Preussag (FPRS) registered a sharp fall in its share Thursday after a strong gain in the previous session on the back of a healthy first-quarter sales. The stock went ex-dividend during the session and closed down 13.5 euros at 483.5. 
-- from staff and wire reports
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