European Closing Update: Europe Ends Bad Week on Positive Note - TheStreet

LONDON -- Europe's markets rounded out the week on a positive note as technology stocks got a boost from the Nasdaq's turnaround on Thursday.

The

FTSE

100 climbed to a session high of 6,415.00, wiping out all of Thursday's losses, but drifted down toward the close to stand just 46.40 points higher, or 0.7%, at 6,317.1. The

Techmark

ended up 42.97 points, or 1.3%, to 3,475.81.

Optical component maker

Bookham Technology

(BKHM)

led the charge in the main index, rebounding from Thursday's

38.59 low to gain 339p, or 9.3%, to

39.69 ($59.54).

ARM Holdings

(ARMHY)

, another stock that has been beaten down over the past few days, jumped 39p, or 6.2%, to 670. Even

Telewest

(TWSTY)

, which has slumped on an almost daily basis every session over the last two weeks, managed to post a gain and rose 4.25p, or 2.7%, to 160.

However,

Freeserve

(FREE)

bucked the trend, and fell 6.75p, or 2.3%, to 281.5.

FTSE 100 heavyweight,

Vodafone

(VOD) - Get Report

gained 14.5p, or 5.4%, to 285.5, enough to add around 40 points to the main index. The stock has been weighed down by a combination of factors, but finally seems to be responding to the string of positive brokerage comments. There also seems to be a growing belief that the company is not going to pay over the top for a German third-generation mobile phone license.

Colt Telecom

(COLTY)

rose 86p, or 4.4%, to

20.40 and

Cable & Wireless

(CWP)

gained 35p, or 3.2%, to

1.45. Alas,

British Telecom

(BTY)

couldn't follow the trend and fell 3p, or 0.4%, to 853.

In the media sector, investors seem to be buying into

United News & Media's

(UNEWY)

story that the company will have repositioned itself nicely after this round of disposals, such as its TV interests. Stronger-than-expected first-half results announce this morning also helped, and the shares rose 8p, or 1.0%, to 833.

On the Continent, European markets ended mostly higher. The

CAC 40

in Paris closed up 94 points, or 1.5%, at 6,449. Late in the German trading session, the

Xetra Dax

in Frankfurt was down 10 points, or 0.1%, at 7,028.

Nokia

(NOK) - Get Report

and

Alcatel

(ALA)

rebounded after Thursday's hammering. Nokia ended up 0.69 euro, or 1.6%, at 44.29 ($40.30) and Alcatel closed up 4.00 euros, or 5.6%, at 75.50.

Telecom operators also performed well.

France Telecom

(FTE)

ended up a huge 7.00 euros, or 5.4%, at 137.00, and

Telefonica

(TEF) - Get Report

was up 0.33 euro, or 1.6%, at 22.70.