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Bourses open slightly higher
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December 15, 1998: 5:31 a.m. ET
Subdued activity as European markets make modest gains
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LONDON (CNNfn) - Europe's bourses made modest inroads in early trade Tuesday on a largely technical recovery following the recent declines.
The markets received little inspiration from markets in Asia or a dull day Monday on Wall Street.
In London the FTSE 100 gained 8 points to 5,542.2, while the Xetra DAX ran up almost 1 percent to 4,603.59 in Frankfurt.
France's CAC 40 gained 17 points to 3,680.37, and Switzerland's SMI rose 48 points to 6,707.4.
The telecom regulator's demand that cellular companies cut prices had little impact in London. Industry heavyweight Vodafone (VOD) was flat at 906 pence, and rival Orange (ORA) gained 0.5 percent to 612 pence.
A sales update from media group Pearson (PSON), owner of the Financial Times, gave the stock a boost, sending it up 6 percent to 1,121 pence.
Fellow media group EMAP (EMA) announced the purchase of U.S. group Petersen Companies (PTN) for $1.2 billion.
Oil giant Shell's announcement Monday of enormous write-offs had little effect on its stock price. The shares (SHEL) were unmoved at 352 pence.
Building materials group Tarmac (TARM) tumbled 10 percent to 99 pence after admitting late Monday its merger talks with rival United Aggregates (AGG) had collapsed. United shares dipped just 2 pence to 69 pence.
In Frankfurt there were gains across most sectors, but traders were unable to pick out any real buying interest. Some stocks recovered recent losses, with detergents maker Henkel gaining (FHEN3) marks to 123 marks.
Modest gains characterized early trading in Paris. The only significant gains came among second-tier companies. Drinks group Remy-Cointreau (PRCO) supplied some festive cheer by announcing a return to profit. The shares gained 1 percent to 90 francs.
In Switzerland takeover speculation surrounding insurer Baloise faded, taking the shares down 37 francs to 1,443 francs.
Other financial stocks were strong however, with CS Group up 6 francs at 206 francs and AlliedZurich rising 13 to 919 francs.
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