|
Good cheer in Europe
|
 |
December 28, 1998: 12:19 p.m. ET
Bourses refuse to take a step back, despite looming distraction of EMU
|
LONDON (CNNfn) - There were no Christmas hangovers in Europe Monday, despite most investors treading very warily in advance of the introduction of Europe's single currency at the end of the week.
Turnover at this time of year is generally light, but the seasonal lack of volume has been compounded by investor reluctance to open positions in advance of the euro coming into force.
London, Europe's biggest stock market, was closed Monday for the Boxing Day holiday.
The Frankfurt exchange opened its doors however, and boasted an upbeat day. The Xetra Dax index rose 62 points, more than 1 percent, to close at 5,040.15.
Other markets were in positive mood, too. Switzerland's SMI rose 95 points, 1.3 percent, to finish at 7,255.5. Optimism in Milan helped the MIB 30 index to rise 3 percent to 35,251, although France's CAC 40 had a lackluster day, finishing almost unchanged at 3,873.10.
Auto stocks took investors for a pleasant ride in Frankfurt. DaimlerChrysler rose almost 9 marks to 166.35 marks, with BMW (FBMW) surging 60 marks to 1,314.5 marks.
Another bout of price-cutting in the telecom sector got a mixed verdict from the market. Deutsche Telekom (FDTE) reversed earlier losses to close down less than one mark at 55 marks. Others were not so fortunate, with Mannesmann (FMMW) sliding 7.5 marks to 192.5 marks and Mobilcom (FMOB) dropping 6 percent to 565 marks.
The Paris market traded in a tight range, with many investors choosing to extend their Christmas break.
Computer services group Cap Gemini (PCAP) gained more than 4 percent to 895 francs, and hotels group Accor (PAC) rose a similar amount to 1,188 francs.
Only one of the 20 companies in Zurich's blue-chip SMI index dipped into negative territory Monday. Telecom operator Swisscom succumbed to a bout of profit taking, but still slid just five francs to 580 francs.
Gains were spread equally across the financials and industrials.
|
|
|
|
|
 |
|
