European Closing Update: Most Markets Suffer From Monday Malaise

Strength in Asia fails to inspire investors, but the Paris CAC manages to cling to positive territory.
Author:
Publish date:

LONDON -- After being down 84 points at one stage, the FTSE 100 managed to claw its way back to end Monday 51.3 points lower, or 0.8%, to 6687.2. Someone seemed to have pulled the momentum plug, and it never looked as though the market could build on Friday's advance.

On the bright side,

BG Group

(BRG) - Get Report

moved up 22p, or 6.2%, to 368 (US$5.89) on speculation that

Shell

(SC) - Get Report

is looking to buy its oil and gas exploration businesses. Shell ended down 5.5p, or 1.1%, to 475.

Supermarket chain

Tesco

rose on speculation it is poised to tie up with Holland's

Ahold

. Tesco shares rose sharply Friday and closed up today another 7.5p, or 3.8%, to 205.

In oils,

BP Amoco

(BPA)

dipped 29p, or 5.4%, to 512 on worries that

ExxonMobil's

(XOM) - Get Report

litigation move could block the takeover of

Atlantic Richfield

(ARC) - Get Report

.

In the technology sector,

Freeserve

(FREE)

rose 24.5p, or 4.8%, on news it has teamed up with

Barclays Bank

(BCS) - Get Report

to offer Internet and banking services to small businesses.

Baltimore Technologies

ended up 787p, or 7.8%, to 97.72 pounds, and

Infobank

gained 250p, or 7.7%, to 31.75 pounds.

Cedar Group

put on 130p, or 12.1%, to 12.05 pounds following a partnership agreement with

Anite

, which ended a couple of pence cheaper, or 1.4%, at 240. The

Techmark

index of leading tech stocks finished 52.5 points higher at 4723.3.

Losers included

QXL.com

(QXLC)

, which fell 143p, or 9.4%, to 13.32 pounds, following details of its proposed 347 million pound acquisition of

Bidlet

, the Swedish online auction site.

Most of Europe's Continental bourses also posted moderate losses, with the

Xetra Dax

in Frankfurt closing down 39.93, or 0.5%, to 7892.49. The

CAC 40

in Paris was able to fight the downward trend, however, and ended up 31.74, or 0.5%, to 6344.79.

DaimlerChrysler

(DCX)

erased early gains and ended down 0.15 euro, or 0.2%, to 70.05 (US$68.43) after

announcing it was acquiring a 34% stake in

Mitsubishi

. But

Volkswagen

(VLKAY)

was able to close up 0.60 euro, or 1.4%, to 45.10 after increasing its holding in Swedish truck maker

Scania

.

Technology shares had a volatile day in Frankfurt, with

Siemens

(SMAWY)

closing down 5.30 euros, or 3.2%, to 160 and

SAP

(SAP) - Get Report

climbing 13.65 euros, or 1.5%, to 940.

Telecoms around Europe were mixed, as

Deutsche Telekom

(DT) - Get Report

ended down 1.40 euros, or 1.6%, at 88 despite successfully bidding for DaimlerChrysler's IT unit

Debis

, while

France Telecom

(FTE)

climbed 2 euros, or 1.1%, to 193 and

Telefonica

(TEF) - Get Report

finished down 0.13 euro, or 0.5%, to 27.77.