|
Europe falls on techs
|
 |
June 15, 2000: 12:35 p.m. ET
Media, telecom stocks also hurt Paris, London; Frankfurt hit by chemicals
|
LONDON (CNNfn) - Europe's leading stock markets turned sharply lower at the close of trading Thursday, with telecom, media and technology stocks taking a pounding as the tech-heavy U.S. Nasdaq accumulated losses.
London's benchmark FTSE 100 index fell 45.5 points, or 0.7 percent, to 6,490.8, with internet service provider Freeserve and chip designer ARM Holdings among the biggest losers.
 The blue-chip CAC 40 in Paris slumped 95.12 points, or more than 1.4 percent, to 6,512.98, led by declines for conglomerate Vivendi and chipmaker STMicroelectronics.
The Xetra Dax in Frankfurt slipped 0.30 percent to 7,328.62, with chemicals stocks leading the decline, while the SMI index in Zurich lost more than 0.8 percent.
The FTSE Eurotop 300, an index of the biggest companies across Europe, fell 0.2 percent to 1,624.9. Its information technology sub-index, embracing stocks from chipmakers to mobile-phone and networking equipment companies, fell 2.9 percent.
Wall Street was mixed in midday trading, with the Dow Jones industrial average adding 20.24 points, or 0.2 percent, to 10,708.19, while the Nasdaq composite fell 0.4 percent to 3,783.02.
"Markets are still trying to firm up where rates will peak in the U.S. and Europe," said George Hodgson, equity market strategist at ABN Amro in London.
In the currency market, the euro slipped to 95.26 U.S. cents from 95.97 cents in late New York trading Wednesday. The greenback fell against the Japanese yen to ¥106.39 from ¥106.76 late on Wednesday.
Freeserve hurts London
In London, Internet service provider Freeserve (FRE) fell more than 6 percent to 433 pence after Germany's T-Online dampened bid euphoria after saying it was in talks with mobile operator One2One to start its own ISP in Britain. Shares in Dixons (DXSN), which owns 80 percent of Freeserve, dropped almost 8.5 percent.
Biotechnology company Celltech (CCH) lost more than 6.8 percent to 1,116 pence after analysts at Credit Suisse First Boston cut their rating on the stock to "hold" from "buy."
Music publisher EMI (EMI) sank 5.1 percent after the European Commission said late on Wednesday it would inspect the antitrust implications of the planned $20 billion combination with Warner Music, a unit of CNNfn.com's parent Time Warner Inc. (TWX: Research, Estimates).
Among technology stocks, Internet security firm Baltimore Technologies (BLM) fell more than 4.6 percent, chip designer ARM Holdings (ARM) declined 6.1 percent, hand-held computer maker Psion (PON) lost 5 percent and software firm CMG (CMG) dropped 6.6 percent.
Index heavyweight Vodafone Airtouch (VOD) fell 2.3 percent, Scottish telecom operator Thus (THUS) dropped 4.7 percent and Internet data carrier Energis (EGS) shed 3.8 percent.
 British Sky Broadcasting (BSY) rose 6.4 percent after the pay-TV broadcaster won the right to continue screening live coverage of U.K. Premier League soccer for the next three years with a £1.1 billion ($1.7 billion) bid.
Media conglomerate Carlton Communications (CCM) jumped 4 percent after Britain's Independent Television network, in which it is one of the biggest participants, snatched the rights to broadcast highlights of Premier League matches from state-run broadcaster British Broadcasting Corp. And Granada Group (GAA), another ITV parent, leapt 3.7 percent.
In Paris, utility to media conglomerate Vivendi (PEN) fell more than 4.8 percent amid uncertainty about its proposed purchase of Canadian liquor and entertainment company Seagram (VO: Research, Estimates). Canal Plus (PAN), which is 49 percent owned by Vivendi, slipped 1.8 percent.
Microchip maker STMicroelectronics (PSTM) fell 5 percent, technology consultant Cap Gemini [PAR;PCAP] shed almost 2 percent and data network operator Equant (PEQU) declined 2.1 percent.
France Telecom (PFTE), the most heavily weighted stock in the CAC 40, fell 2.7 percent, and Bouygues (PEN), which controls France's third-largest mobile-phone company, dropped 4.4 percent.
German chemicals retreat
Chemical stocks headed lower, Henkel (FHKL) declined of 2.6 percent, while BASF (BAS) lost 3.9 percent and Bayer (FBAY) slipped 3.1 percent.
Electronics components maker Epcos (FEPC) fell more than 5.6 percent to  140.33.
 German's biggest power utilities were the leading gainers on the Dax, with Viag (FVIA) jumping 4.4 percent, its merger partner Veba (FVEB) up 3.7 percent and RWE (FRWE) climbing 0.3 percent. The companies said they were satisfied with a deal struck with the government to shut down the country's 19 nuclear power generators. The agreement allows them to carry on operating the plants longer than environmental campaigners had wanted. 
-- from staff and wire reports
|
|
|
|
|
 |
|
