European Closing Update: Markets Marginally Higher
LONDON -- In an indifferent performance, the FTSE 100 closed 39.2 points higher, or 0.6%, at 6238.8, while the Techmark edged up 36.9 points, or 0.9%, to 3757.4.
The modest gain in the
Techmark
hides the fact that for every winner there was a loser.
Bookham Technology
(BKHM)
ended up 600p, or 19.3%, to
37.12 ($56.79), while
Baltimore Technologies
(BALTV)
turned a gain of 631p at the day's peak into a gain of just 147p, or 2.1%, to
72.66 by the close.
Capita Group
rose 115p, or 7.5%, to
16.42, thanks to a government-training contract, and
ARM Holdings
(ARMHY)
weighed in with a 56p rise, or 8.5%, to 718.
Losers in the tech sector included
BATM Advanced Communications
, down 95p, or 2.1%, at
46.47, and
Staffware
, off 62p, or 2.7%, at
22.25.
Telecom stocks were a mixed bag.
British Telecom
(BTY)
retreated 19p, or 1.8%, to
10.29, but Footsie heavyweight
Vodafone AirTouch
(VOD) - Get Report
gained 8p, or 3.1%, to 277, accounting for around two thirds of the Footsie rise.
Media shares were marked down.
Pearson
retreated 66p, or 3.0%, to
21.55, and
Reuters
lost 45p, or 3.8%, to
11.52.
Oil stocks provided a measure of underlying support for the Footsie, rising on the back of broker recommendations and a higher oil price.
BP Amoco
(BPA)
rose 29p, or 5.2%, to 588, and
Shell
(SC) - Get Report
registered a gain of 20.5p, or 4.0%, to 527.5.
Most of Europe's continental stock markets also ended the week on a positive note, led by a strong performance from techs and telecoms. The
Xetra Dax
in Frankfurt closed up 144.11, or 2.0%, at 7530.82 and the
CAC 40
in Paris ended 54.02 higher, or 0.8%, at 6545.76. The Neuer Markt's
Nemax All-Share
index finished up 68.06, or 1.0%, at 6635.74.
German technology stocks received a boost from
Epcos's
(EPC) - Get Report
healthy second-quarter results. Epcos finished the day up 1.96 euros, or 1.2%, at 160.00 ($142.43),
Siemens
(SMWAY)
closed up 5.20 euros, or 3.2%, at 169.75 and software maker
SAP
(SAP) - Get Report
ended 25.08 euros higher, or 3.9%, at 667.08.
Deutsche Telekom
(DT) - Get Report
closed up 2.90 euros, or 4.3%, at 69.90.
France Telecom
(FTE)
rebounded late in the day to end up 1.60 euros, or 1%, at 170.30, but
Telefonica
(TEF) - Get Report
finished down 0.07 euros, or 0.3%, at 26.08.
German automakers finished mixed, with
DaimlerChrysler
(DCX)
down 0.26 euros, or 0.4%, at 64.49 and
Volkswagen
(VLKAY)
up 1.20 euros, or 2.6%, at 46.80.
