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Bourses mixed at end
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February 15, 1999: 1:46 p.m. ET
With Dow on a holiday, Europe is mostly up but subdued
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LONDON (CNNfn) - European equity markets staged mixed performances Monday amid subdued trading as Wall Street remained closed for the Presidents Day holiday and Asia failed to impress ahead of the Chinese New Year.
London's FTSE ended 1.2 percent, or 72.5 points, higher at 6,023.2 as investors continued flocking to financial stocks after Lloyds posted strong earnings Friday. Despite year-low turnover, it was the ninth straight session that the FTSE has vaulted past the psychologically sensitive 6,000 barrier.
Paris stocks on the CAC-40 crept up 0.12 percent to 4,065.19, mirroring similar mouse-like gains on the Swiss market index, which ended 0.36 percent higher at 6,988.5.
But Germany's electronically traded Xetra Dax slipped 7.79 points to 4,888.95 in a lackluster session marked by continuing concerns over a stand-off between Germany's largest union, IG Metall, and the country's metal and engineering employers.
Union members have threatened to strike in a key region unless the disputing parties can hammer out a compromise by Wednesday.
Nonetheless, rampant merger talk in the auto sector may have helped to avert a steeper slide.
Shares of BMW (FBMW) jumped 3 percent in Frankfurt as investors gave short shrift to official denials from the luxury carmaker that it is ripe for a takeover bid from another industry heavyweight.
BMW stock shot up 22 euros to 745 amid speculation that the number-one U.S. automaker, General Motors Corp., may be priming to make an offer. The Quandt family, a major shareholder in BMW, has voiced objections to ceding BMW's independent heritage.
Die Welt, a German newspaper, said GM could make an offer shortly, while Der Spiegel magazine broached the possibility that Volkswagen (FVOW) could make a move for BMW that would include the takeover of its ailing U.K.-based Rover subsidiary. Volkswagen shares closed up 0.80 euro at 65.80 euros.
DaimlerChrylser rose 1.15 euros to 85.20 as Co-chairman Juergen Schrempp said the company will decide within three months on whether to buy a stake in Japan's Nissan.
Elsewhere on the automotive front, Sweden's Volvo, which last month bought a nearly 13 percent stake in bus and truck maker Scania, declined to comment on a report in London's Financial Times that it is considering a takeover of U.S.-based truck and engine manufacturer Navistar International.
Volvo shares eased 2 points to 219.5.
In London, Lloyds shares (LLOY) finished up more than 3 percent at 882-1/2 pence, while Barclays (BARC), which is due out with financial results Tuesday, surged nearly 5 percent and NatWest (NWB) climbed more than 4 percent to 1,269 pence.
Beyond the FTSE 100 index of leading components, pubs and hotels company Greenalls Group (GREW) added nearly 11 percent after a news report that Whitbread is considering a 1.2 billion pound bid for the Group. Whitbread (WTB) stock advanced 3.75 percent to 883.6 pence.
British Telecom (BT.A) added 2.8 percent while Colt Telecom (CTM) advanced 4.9 percent.
In Paris, the French government gave a green light Monday to the privatization of aerospace company Aerospatiale, clearing the way for its merger with Lagardere Group's Matra defense unit.
Under the proposed plan, Lagardere will end up with about a third of the merged group. An additional 20 percent will be floated, while the state will retain an estimated 48 percent stake. Lagardere (PMMB) shares pared earlier losses, but still finished down just over 2 percent at 38.20.
Following an initial downturn, Telecom Italia stock closed up slightly at 8.43 euros in Milan after talks broke down with Rupert Murdoch's News Corp. Europe over the sale of its pay-TV subsidiary, Stream.
France Telecom (PFTE) stock ended up 0.63 percent, recovering from a more-than 2 percent earlier skid after the company reported a weaker-than- anticipated 5.2 percent rise in sales in 1998.
-- from staff and wire reports
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