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News > International
Europe remains positive
March 10, 2000: 12:33 p.m. ET

Late weakness fails to blunt rising European stock markets
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LONDON (CNNfn) - A late bout of weakness took the sparkle from a generally positive session for European stocks Friday, although all the main markets managed to close in the plus column.
    In London, the FTSE 100 finished up 60 points, or 0.5 percent, at 6,592.0, for a 4 percent gain over the last five sessions. Frankfurt's Xetra Dax barely clung to positive territory, closing 27 points higher at 7,975.95 for a 3 percent gain over the week. Paris stocks enjoyed an excellent end to the week, with the CAC 40 index gaining 1.4 percent Friday to 6,510.28, a 4 percent gain across the week. Switzerland's SMI managed a 6 point rise to 6,907.9 Friday. The main U.S. markets were solidly in positive territory when the bourses closed
    The big winner in London Friday was Britain's second-ranked grocery chain, J. Sainsbury (SBRY). New CEO Peter Davis said he is taking direct control of the struggling supermarket's operation, and investors rewarded his boldness with a 9 percent jump in the stock price.
    Technology and drug firms were close behind, with the tech sector seemingly well recovered from its midweek blip on concerns of overextended valuations. Computer services firm Sema (SEM) rose 8 percent.
    British Airways (BAY) ejected the man at the controls, CEO Bob Ayling, and the beleaguered shares welcomed the move, rising more than 2 percent.
    At the other end of the scale, the losers in the FTSE 100's largest-ever shake-up, which took place earlier this week, continued to suffer. Building materials firms Hanson (HNS) and Wolseley (WLY), which are due to be dropped from the index March 20, plummeted 12 percent each. Brewers Whitbread (WTB) and Scottish & Newcastle (SCTN) will suffer the same fate, and they fell sharply too.
    In Frankfurt, the focus remained on sliding bank stocks Deutsche (FDBK) and Dresdner (FDRB), as investors adopted an increasingly frosty attitude to this week's plans to create the world's largest bank. Both stocks slid 9 percent Friday, putting a big dent in an otherwise positive day for the Dax index.
    Siemens (FSIE) rose 3 percent as investors eagerly awaited the stock market debut of the firm's chip-making unit Infineon Monday. The issue has been hotly chased by European fund managers. Deutsche Telekom (FDTE), with the heaviest presence in the Dax index, provided some counterweight to the gloom among the big banks. The stock rose 3 percent on relief that expensive plans for a U.S. acquisition had fallen through and on a broker's upgrade for the European telecom sector.
    The same upgrade benefited Switzerland's former monopoly operator, Swisscom, which powered 4 percent higher in an otherwise uninspired Zurich market.
    Luxury brands firm LVMH (PMC), owner of Moet et Chandon champagne, celebrated a fizzy close to the week, gaining 9 percent as investors continued to celebrate impressive earnings released Thursday.
    A raft of technology stocks, which were strong performers in Paris this week, vied with LVMH for the honor of being the leading gainer Friday. Pay-TV firm Canal Plus (PAN) gained 6 percent, and telecom firms Equant (PEQU) and France Telecom (PFTE) were close behind. Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.