|
Europe rings up gains
|
 |
August 4, 2000: 12:36 p.m. ET
Bourses powered by telecoms and techs, with little jolt from U.S. jobs data
|
LONDON (CNNfn) - Europe's major markets closed with an upswing Friday, as technology and telecommunications stocks rebounded from big losses a day earlier and concerns over U.S. interest rates eased following a market-friendly payrolls report.
European markets got little boost from a report showing U.S. employment rolls declined by 108,000 jobs in July when economists had been expecting an increase of 70,000. It reinforced a belief among many economists the U.S. Federal Reserve won't raise interest rates later this month.
London's benchmark FTSE 100 index ended up 46.4 points, or 0.7 percent, to 6,363.5, putting the index up slightly for the week. Heavyweight Vodafone AirTouch (VOD), the world's largest mobile phone service operator, rose 5.4 percent. Infostrada, Vodafone's Italian fixed-line unit, has attracted several buyout bids, Reuters reported. 
In Paris, the CAC 40 index closed up 106. points, or 1.7 percent, to 6,454.17, bounding back from Thursday's 2.7-percent decline. Network equipment maker Alcatel (PCGE) rose 5.1 percent. For the week, the blue-chip French index was up 0.7 percent.
The SMI in Zurich, which has less exposure to technology stocks, fell 18.1 points, or 0.2 percent, to 8,119.6, but on the week the index rose 1.5 percent.
Frankfurt's Xetra Dax fell 21.32, or 0.30 percent, to 7,016.59, with Europe's biggest software company, SAP (FSAP), climbing 2.4 percent but chip maker Infineon Technologies (FIFX) falling 2.7 percent.
The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, rose 1 percent. The index's information technology sector added 3.7 percent and the telecom sub-index rose 2.9 percent. 
As Europe's markets closed, the Nasdaq composite index was up 0.7 percent while the Dow Jones industrial average was down 10.62 points to10,695.96 on the heels of a four-day run-up for the blue-chip index.
In the currency market, the euro nosed higher against the dollar, fetching 90.74 U.S. cents, up from late trading in New York Thursday at 90.65 U.S. cents.
Telecoms ring up gains
Europe's biggest telecom companies led the markets higher. CAC 40 index heavyweight France Telecom (PFTE) rose 3.7 percent and Deutsche Telekom (FDTE) advanced 1.6 percent in Frankfurt.
In London, Cable & Wireless (CW-) rose 3.2 percent and Colt Telecom (CLT) gained 4.4 percent.
Companies supplying the telecom industry with components and gear also gained. Optical component maker Bookham (BHM) soared 9.3 percent and chip designer ARM Holdings (ARM) rose 6.2 percent. 
In France, defense electronics maker Thomson-CSF (PHO) rose 5.2, or 4.9 percent, and chipmaker STMicroelectronics (PSTM) advanced 4.4 percent. Data network operator Equant (PEQU) rose 3 percent and the engineering firm Alstom (PALS) gained 4.8 percent.
Britain's biggest Internet service provider Freeserve (FRE) reversed an early gain and slipped 2.3 percent while its parent, electronics retailer Dixons (DXNS), tumbled 7.1 percent. Italian competitor Tiscali and Netherlands-based World Online are considering a tie-up, industry sources told Reuters. Shares of World Online jumped 6.8 percent in Amsterdam trading.
Among other top London losers was supermarket chain J Sainsbury (SBRY), down 4.9 percent, information technology services provider Logica (LOG), off 4.1 percent, and utility National Power (NPR), down 4.5 percent.
Media company shares were mixed. Europe's biggest pay-TV company, Canal Plus, rose 3.3 percent, while French broadcaster TF1 (PFTI) fell 0.5 percent. UK publisher Emap (EMAP) fell 3.7 percent.
In Europe's auto sector, French automaker Renault (PRNO) rose 2.8 percent. Among its German rivals, BMW (FBMW) rose 0.9 percent and Volkswagen (FVOW) added 1 percent.
In Frankfurt, top financial sector stocks were mixed, with Dresdner Bank (FDRB) rising 2.3 percent, while insurer Allianz (FALV) shed 2.1 percent
Leading the Dax loser board was sportswear company Adidas Salomon (FADS), dropping 3.3 percent. 
-- from staff and wire reports
|
|
|
|
|
 |
|
