|
Europe stocks end higher
|
 |
November 16, 2001: 1:13 p.m. ET
Chemical stocks led the gains while oil bounced back
|
LONDON (CNN) - Europe's major bourses ended higher on Friday, as chemical and oil stocks made gains.
London's FTSE 100 rose 1 percent to 5,291.0 and the CAC 40 blue chip index in Paris edged to 0.2 percent to reach 4,587.3, while Frankfurt's electronically traded Xetra Dax rose 1.5 percent to 5,079.7.
The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, gained 0.7 percent, with the chemicals, automotive and oil and gas sectors in positive territory.
Chemicals stocks rose amid hopes lower oil prices would reduce the cost of raw materials and improve profitability. German chemical and drug firm Bayer (FBAY), the No.2 European chemicals company, was the day's top blue chip gainer, adding 7.35 percent. ICI (ICI) rose 6.3 percent in London, Degussa gained 4.5 percent in Frankfurt.
Auto stocks rose after sales figures released on Thursday showed October new registrations rose 8.3 percent, shrugging off gloomy economic forecasts in the wake of the September 11 terror attacks.
Europe's biggest automaker Volkswagen (FVOW) rose 3.5 percent and DaimlerChrysler (FDCX), the world's third-largest car maker, rose 3.2 percent. Tyre maker Michelin rose 1.9 percent.
Europe's oil shares rebounded on Friday after two days of heavy selling as crude oil prices remain mired at two-year lows because of OPEC producer cartel's inability to take decisive action to shore up prices.
Royal Dutch, which owns 60 percent of the world's No. 2 oil company, Royal Dutch/Shell, rose 3.3 percent in Amsterdam. Shell gained 4.6 percent and Italy's Eni gained .18 percent.
Mining and mineral stocks were among the biggest losers, giving back some of the week's hefty gains as a three-way steel merger was put in doubt. France's Usinor, one of the three, fell 9 percent to weigh on the sector.
A snag at a three-way steel merger hit basic producers. The bid to combine three European companies -- Spain's Aceralia, France's Usinor, and Luxembourg based Arbed -- risked falling apart when Aceralia and Arbed reopened the deal due to the weakening economy.
Usinor shares fell 4.76 percent, while Aceralia edged up 0.67 percent. Arbed eased 1.16 percent.
Technology stocks gave up some of their strong gains. U.S. bellwether Dell Computer, the world's biggest maker of PCs, reported a 36 percent drop in net profits on Thursday night, which was better than expected.
Infineon Technologies (FIFX), Europe's No. 2 chip maker, slipped 2.13 percent and software giant SAP (FSAP) lost 2.4 percent, while Europe's fourth-largest telecom equipment maker Alcatel (PCGE) rose 3.5 percent.
In Amsterdam the AEX index gained 1.5 percent and the SMI in Zurich was .31 percent higher, while Milan's MIB30 index rose 1.5 percent.
U.S. stocks held tight at midday Friday, hovering near the breakeven point as investors absorbed mild inflation and industrial activity, better-than-expected Dell Computer earnings and the latest developments from Afghanistan.
The Nasdaq composite index fell .42 percent to 1,892.6, while the Dow Jones industrial average slipped .21 percent, to 9,852. 
|
|
|
|
|
|
|
