|
Europe markets end mixed
|
 |
March 9, 2000: 4:34 a.m. ET
London, Paris up on tech stocks; German bank merger hurts Frankfurt
|
LONDON (CNNfn) - European markets regained some of their shine in late trading Thursday, although they ended the session in mixed fashion.
European stocks staged a mini-rally in the last hour of trading after a wobbly start to Wall Street trading had caused some mid-afternoon jitters in Europe. When European markets closed, the Dow Jones industrial average was 15 points lower, although the Nasdaq composite was 0.9 percent ahead.
London stocks closed almost 2 percent higher led by tech stocks. London's FTSE 100 index closed 120.9 points higher at 6,532.1, led by
British Telecom (BT-A) and the technology sector.
Sharp losses at merging bank heavyweights Deutsche Bank and Dresdner Bank proved too tough a burden for Frankfurt. The Xetra Dax index recovered some ground in late trading, but ended the session 37.85 points lower at 7,949.15.
Paris also benefited from a tech rally, with the CAC 40 rising 1.2 percent to
6,423.43.
In Zurich, the SMI slid 0.6 percent to close at 6,902.0. UBS slid 2.4 percent after Switzerland's largest bank by asset-value met expectations with a doubling in 1999 net profit to 6.3 billion Swiss francs ($3.77 billion).
In London
The Bank of England's decision to leave interest rates unchanged was widely expected, and had little impact on U.K. stocks Thursday.
Technology stocks made hay, shrugging off Wednesday's worries over valuations. Chip designer Arm Holdings (ARM) rocketed almost 14 percent, and was followed by the likes of software supplier Sage (SGE).
British Telecom jumped 13 percent after unveiling plans for cellular Internet access.
Business services firm Hays (HAS) rose 9 percent after escaping Wednesday's FTSE 100 cull of underperforming stocks. High-flying media firms BSkyB (BSY) and Reuters (RTR) enjoyed a comeback after sharp setbacks earlier in the week.
In Frankfurt
In Frankfurt, Deutsche (FDBK) slumped 11 percent and Dresdner (FDRB) 9 percent as investors reappraised their record-breaking merger. Speculation over the next bank takeover immediately switched to fourth-ranked Commerzbank (FCBK), reportedly the subject of advances from Britain's HSBC Holdings (HSBA). Commerzbank rose more than 5 percent.
A 30 percent jump in underlying earnings at Fresenius Medical Care (FRES), the world's largest provider of kidney dialysis services, helped its shares jump 4 percent.
In Paris
Pay-TV operator Canal Plus (PAN) returned to winning ways in Paris after a bout of profit taking. The shares soared 13 percent Thursday, but were closely followed by data communications provider Equant (PEQU), reportedly being stalked by Deutsche Telekom (FDTE). Other tech stocks were not far behind as French investors rediscovered a taste for the sector.
Luxury goods maker LVMH (PMC) jumped 3 percent after beating expectations with a 41 percent rise in full-year earnings for 1999 to 738 million euros, excluding costs for goodwill. Bank stocks moved south on disappointment that cross-border mergers in Europe still appear some way off. 
|
|
|
|
|
 |
|
