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Europe closes higher
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October 19, 2000: 12:55 p.m. ET
Techs, telecoms soar after mobile phone maker Nokia beat estimates
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LONDON (CNNfn) - Europe's main markets rebounded Thursday, as tech and telecom shares rallied following better-than-expected earnings from Finnish mobile phone maker Nokia and U.S. software firm Microsoft.
 London's FTSE 100 rose percent 1.2 percent to 6,218.9, with information technology consultant Logica (LOG) up 10.7 percent and mobile phone operator Vodafone (VOD) gaining 6.2 percent.
The CAC 40 blue chip index in Paris gained 2.2 percent to reach 6,066.48, as chip maker STMicroelectronics (STM) and network equipment maker Alcatel (PCGE) soared.
Frankfurt's electronically traded Xetra Dax climbed 2.1 percent to 6,619.52, led by Infineon Technologies (FIFX) and engineering and electronics firm Siemens (FSIE).
Amsterdam's AEX index rose 2.5 percent, Milan's MIB30 climbed 2.4 percent and the SMI in Zurich gained 1.6 percent.
 click here for the biggest movers on the ftse 100 in London
 click here for the biggest movers on the dax 30 in Frankfurt
 click here for the biggest movers on the cac 40 in Paris
The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, rose 2.2 percent, with its information technology sub-index up 12.7 percent, powered by Nokia's surge, while the telecom-component sector climbed 4.5 percent.
In the currency market, the euro bought 84.17 U.S. cents after the European Central Bank decided to leave interest rates unchanged, as expected, at 4.75 percent Thursday. The currency was little changed from its late Wednesday New York level of 83.84, and was slightly above its all-time low of 83.24 cents hit Wednesday.
In early trading in the United States, the Dow Jones industrial average gained 1 percent while the Nasdaq composite index skyrocketed 5.9 percent.
Telecom makers, operators light up
Nokia surged 21.9 percent after reporting third-quarter pretax profit that rose 42 percent from a year earlier to  1.34 billion ($1.14 billion). Mobile phone sales rose 59 percent to 5.5 billion, and the company's upbeat comments about the outlook for sales eased recent concern over a possible slowdown in the world mobile market. Finland's benchmark Hex General index soared 15.7 percent to 12,152.96, while in Sweden Nokia's main European rival Ericsson jumped 12 percent.
British telecom equipment maker Marconi (MNI) rose 6.2 percent, and French competitor Alcatel (PCGE) climbed 7.6 percent. Bookham Technology, a maker of components that speed and boost the capacity of fiber optic networks, rose 2.1 percent in London.
Electronic component maker Epcos (FEPC) and its parent Siemens each rose 5.5 percent in Frankfurt. France's Thomson Multimedia gained 6 percent.
Franco-Italian chip maker STMicroelectronics (PSTM) rose 9.3 percent, topping the CAC leader board. German rival Infineon Technologies (FIFX) gained 7.9 percent. ARM Holdings (ARM), which designs chips used in mobile phones, rose 2.4 percent in London.
 Nokia's positive outlook for the mobile phone industry also boosted telecom operators. France Telecom (PFTE) added 4.9 percent and telecom-to-construction firm Bouygues (PEN) gained 6.4 percent. Germany's Deutsche Telekom climbed 3.6 percent.
Other telecom shares moving higher included the U.K.'s Energis (EGS), up 10.7 percent, and data network operator Equant (PEQU), which rose 4.9 percent in Paris.
 Europe's biggest software company SAP (FSAP) fell 7.6 percent in Frankfurt. The company reported third-quarter earnings that nearly doubled, but its 88 million ($74 million) net profit fell slightly below market expectations, with sales rising 27 percent after a weak third quarter in 1999.
Among rivals, Sema Group (SEM) gained 7.8 percent and business software firm Sage Group (SGE) rose 4.9 percent in London.
Dublin-based Internet security firm Baltimore Technologies (BLM) gained 7 percent while information technology consultant Cap Gemini (PCAP) climbed 5 percent in Paris.
Media, banking shares join the rally
Media shares also rallied, with financial news firm Reuters (RTR) up 10.5 percent and Pearson, publisher and owner of the Financial Times, gaining 6.9 percent in London. French media-to-missiles firm Lagardère (PMMB) gained 4.7 percent.
Germany's Deutsche Bank (FDBK) gained 4 percent after declining to comment on reports it was planning to merge with investment bank Merrill Lynch. Commerzbank (FCBK) was up 2.9 percent. France's Crédit Lyonnais (PCL) fell 1.8 percent.
Railtrack (RTK), the owner of Britain's rail infrastructure, rose 1 percent. The company's board refused to accept the resignation of chief executive Gerald Corbett in the wake of a train crash that killed four people Tuesday. The rail operator accepted responsibility for the accident, saying it believed a broken rail was to blame. The company said it would invest more to improve its network. 
--from staff and wire reports
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