Europe ends with a gain
Bourses prodded by Wall Street bounce as telecoms, techs spring up
LONDON (CNNfn) - A revival for Wall Street was infectious for Europe's top markets Friday, with most indexes rising more than 1 percent behind strong technology, media and telecom stocks.|
London's FTSE 100 index ended up 77.7 points, or 1.3 percent, to 6,209.9, spurred by telecom stocks, led by an 8.8-percent climb for index juggernaut Vodafone (VOD), which accounted for 55 points of the index's gain. For the week, the FTSE fell 2.8 percent.
In Paris, the CAC 40 index added 73.51 points, or 1.2 percent, to 6,064.21, reversing a 2.7 percent loss early in the session. On the week, the blue-chip French index fell 3.1 percent.
Frankfurt's Xetra Dax closed up 196.04, or 3.03 percent, at 6,631.30, with telecom and technology stocks accounting for the top 5 gainers.
Elsewhere, Amsterdam's AEX index ended up 0.1 percent, while the SMI in Zurich fell 0.9 percent. Milan's MIB30 closed 2 percent higher.
click here for the biggest movers on the ftse 100 in London
click here for the biggest movers on the dax 30 in Frankfurt
click here for the biggest movers on the cac 40 in Paris
The pan-European FTSE Eurotop 300, a broad index of the region's largest stocks, climbed 0.8 percent. The telecom component rallied 4.2 percent and the electronics and electrical components sector climbed 3.7 percent.
On Wall Street as the bourses ended, the Dow Jones industrial average was up 114.04 points, or 1.1 percent, to 10,148.62, a day after sinking more than 3 percent. The tech-heavy Nasdaq composite was up 87.05 points, or 2.8 percent.
In the currency market, the euro tumbled to 85.72 U.S. cents from 86.22 cents in New York late Thursday, dropping below 86 cents for the first time since the European Central Bank led a joint defense of the currency. Traders said Wall Street's rally boosted demand for dollar-based assets.
Technology, telecom shares revive
Participating in the rally for London telecom stocks, British Telecommunications (BT-A) rose 4.6 percent, cable and telecom company Telewest Communications (TWT) added 4.4 percent, and regional operator Colt Telecom (CLT) jumped 4.3 percent.
Tech stocks were weaker in London, however. Component maker Bookham Technology (BHM) fell 2.7 percent, Internet service provider Freeserve (FRE) sank 10.7 percent, and information technology consultant Sema Group (SEM) fell 5.6 percent.
In Paris, engineering firm Alstom (PALS) dropped 3.7 percent. But reversing early losses, network equipment company Alcatel (PCGE) 5.5 percent and telecom France Telecom (PFTE) rose 2.8 percent.
Telecom and construction firm Bouygues (PEN) fell 2.4 percent in Paris.
Europe's largest software developer SAP [FSE:FSAP3] jumped 7.6 percent in Frankfurt.
Some media stocks were higher in London. TV broadcaster Carlton Communications (CCM) added 9 percent and advertising agency WPP (WPP) added 3.9 percent.
German airline Deutsche Lufthansa (FLHA) dived 4.9 percent amid concerns its costs will be lifted by rocketing oil prices, which reached a 10-year high Thursday. European Union regulators also expressed concerns about the impact on competition of recent alliances with Austrian Airlines and Scandinavia's SAS.
Carmaker BMW (FBMW) dropped 3.8 percent in Frankfurt, while French rival PSA Peugeot Citroen (PUG) shed 1.5 percent but Germany's Volkswagen (VOW) gained 3.2 percent and DaimlerChrysler (FDCX) added 3.1 percent..
French luxury goods firm LVMH Moet Hennessy Louis Vuitton (PMC) shed 2.2 percent.
-- from staff and wire reports