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Nasdaq lifts bourses
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February 12, 1999: 5:56 a.m. ET
FTSE vaults higher on bank strength; Dax up more than 2 percent
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LONDON (CNNfn) - Propelled by bank issues, London's index of 100 leading shares catapulted past the 6,000 barrier Friday, mirroring gains across continental Europe in the wake of a record surge on the Nasdaq.
Picking up where Wall Street left off, London's FTSE shot up nearly 2 percent, or 112.9 points, to 6,001.4 as investors prowled for bargains after Alan Greenspan remained mum on interest rates in congressional testimony Thursday.
Lloyds TSB Group (LLOY) shot up nearly 10 percent after the bank said profits fell 5 percent to 3.015 billion pounds, in line with expectations. But its announced dividend was better than expected, rising to 22.2 pence for the year, compared with forecasts of 21.5 to 22 pence.
Barclays (BARC) stock soared 6.34 percent to 1,510 a day after the embattled bank appointed a BankAmerica executive to take its top post. NatWest Bank added more than 5 percent to 1,212.
British Sky Broadcasting (BSY) remained airborne Friday after Britain's broadcasting watchdog urged Europe's competition regulators block BSkyB's planned 623 million pound purchase of soccer club Manchester United (MNU). BSkyB shares edged up 1.23 percent to 515 pence.
In Frankfurt, the electronically-traded Xetra Dax was 2.63 percent higher midmorning at 4,966.80, as it followed on Wall Street's coattails. All but three of the index's blue- chip stocks were trading in positive territory.
Truck maker MAN (FMAN) continued its declines of Thursday on the back of a threatened strike action after talks broke down between engineering employers and leaders of Germany's largest union, IG Metall. MAN was trading up 2 euros at 240.
Fellow engineer Degussa (FDGS), another pressured industrial stock, slipped 0.50 euros to 34.10.
Diversified industrial group Viag (FVIA) was among the leading advancers after the company reported a pretax profits rise of 10 percent to 3.2 billion marks despite falling sales. Company shares were up 18 euros at 501.
In the apparel sector, German sportswear group Puma (FPUM) posted a nearly 90 percent decline in 1998 earnings. But its shares slipped just 0.10 euros to 14.90.
Industrial giant Siemens (FSIE) also enjoyed a strong opening, taking its cue from the Nasdaq's largest single-day rise ever Thursday. The group, which has a large exposure to the telecommunications and IT sectors, was up 2 euros at 62.40.
Paris shares climbed 1.55 percent to 4,135.65, while Zurich shares gained 1.67 percent to 7,014.0.
Carmaker Renault (PRNO) led the advancers on the CAC-40, soaring 5.64 percent in Paris.
Italian fashion house Gucci said Thursday it will hold an extraordinary shareholders meeting to vote on a proposal by France's LVMH Moet Hennessy Louis Vuitton, which holds a 34.3 percent stake in Gucci, to add another member to its supervisory board. Gucci shares were up 0.87 percent in Amsterdam.
--From staff and wire reports
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