European Closing Update:

LONDON -- With the Cheltenham horse-racing event occupying the attention of most people who like to gamble -- which probably includes virtually the entire financial community -- the

FTSE 100

was confined to a relatively narrow range and settled 20.2 points higher at 6,487.1.

Tired and tedious it may have been, but there were a few stand-outs.

Marks & Spencer

gained 7p, or 2.9%, to 238 ($3.74) on speculation that the company is about to establish a presence on the Internet. Better late than never.

Another retailer,



, rose 13p, or 2.7%, to 509 after a recommendation from

Morgan Stanley

. Kingfisher has holdings in a number of valuable Internet concerns.

BP Amoco


shed 10p, or 2.3%, to 539 following its agreed bid for

Burmah Castrol

, which gained 300p, or 24.1%, to 15.45 pounds.

Media stocks were in the doldrums.



closed off 59p, or 3.9%, to 14.85 pounds after negative broker comment, while


dipped 96p, or 3.9%, to 23.69 pounds.


enjoyed a subdued (by Internet standards, at least) debut and ended the session 107p, or 28.2%, above the offer price of 380, but well below the day's high of 562.5.

BATM Advanced Communications

led today's tech charge to bigger and better things with a gain of 11.37 pounds, or 18.3%, to 73.50 pounds on the back of a co-operation agreement with

Samsung Electronics

and discussions with

Sun Micrco Systems Corporation

. And

TheStreet Recommends

Baltimore Technologies

climbed 800p, or 6.7%, to 134.50 pounds. The


index of leading technology stocks ended 20.1 points lower at 5,500.4.

The major continental stock markets finished mixed after trading in a tight range for most of the session. The

Xetra Dax

in Frankfurt closed down 43.80, or 0.6%, at 7650.05 and the

CAC 40

in Paris finished 13.42 higher, or 0.2%, at 6350.35.

Dax heavyweight

Deutsche Telekom

(DT) - Get Report

helped lead the index lower by falling 4.15 euros, or 4.5%, to 88.10 ($84.93). Technology issues


(EPC) - Get Report




also closed lower, although software maker


(SAP) - Get Report

turned things around late in the day to end higher. Epcos fell 1.10 euros, or 0.8%, to 131.90, Siemens closed off 0.30 euros, or 0.2%, 170.80 and SAP finished 2 euros, or 0.2%, at 990.



was able to build on its successful debut Monday and finished 8.64 euros higher, or 12.3%, at 78.90.

Industrial concern


rose 2.35 euros, or 7.3%, to 34.73 amid speculation the company was a potential takeover target, and utilities






surged 1.07 euros, or 2.4%, to 45.05 and 0.58 euros, or 3.3%, to 18.03 respectively, as they announced plans to develop European partnerships.