LONDON -- U.K. blue-chip stocks showed a marginal improvement by the close to help the FTSE 100 close up 6.2 points, or 0.1%, at 6,363.7. However, technology stocks remained mired in the mud and the Techmark ended down 171.6, or 4.4%, at 3,722.0.
Gone are the days when Europe slavishly follows the U.S. market, but the association is still there, and with the US markets running in circles, so too is the U.K. market.
The tech stocks again failed to establish anything approaching a support level, with
BATM Advanced Technologies
down 515p, or 10.9%, at
down 371p, or 9.8%, to
Just to show how mad this part of the market is,
, having lost 665p at one point, finished 215p higher, or 3.8%, at
at least had an
recommendation to justify the better close, ending 175p higher, or 3.0%, at
Telecom stocks were generally firmer.
gained 44p, or 4.0%, to
11.33 on news of a radical restructuring plan, while
reversed an initial 15p loss to close 11p higher, or 3.5%, at 323, with a handful of broker recommendations adding a measure of support.
Oil stocks also supported the overall market.
ended up 4.5p, or 0.8%, at 543 and
closed up 1p, or 0.2%, at 496.
Across Europe it was much the same story. The
finished up 5.99 points, or 0.1%, at 7,449.06 and the
up 25.64 points, or 0.4%, at 6,264.34 as blue chip stocks helped offset the losses in technology stocks.
closed up 5.25 euros, or 1.3%, at 420.00 ($407.40) and
Banque Nationale de Paris
ended up 2.50 euros, or 2.8%, at 90.50, while
was down 2.70 euros, or 5.0%, at 51.30 and
was 7.00 euros, or 3.0%, lower at 223.00.
closed down 0.25 euros, or 1.0%, at 25.15 and
was down 4.00 euros, or 2.4%, at 164.00.
managed to follow the UK trend and ended up 1.43 euros, or 2.0%, at 74.63.