LONDON -- Not surprisingly, Europe largely treaded water before Federal Reserve chairman Alan Greenspan's Humphrey-Hawkins testimony. What was slightly surprising, however, was how well the markets held up before that event given Wednesday's fall on Wall Street.
In London, the
closed up just 0.2 points at 6465.6, but the
managed a more than respectable gain of 85.2, or 2.3%, to close at 3,743.7.
U.K. tech stocks showed remarkable resilience given the pounding the
has taken over the last few sessions.
moved up strongly to close near the top of the up-trend channel seen on the weekly charts. The stock finished up 57p, or 7.3%, at 837 ($12.47).
gained 22p, or 2.7%, to
10.35 after it announced that
United States Cellular Corporation
has chosen Sema's over-the-air-activation solution for its networks.
Credit Suisse First Boston
was recommending Sema stock this morning.
Oils and pharmaceuticals were under pressure, helping to keep a lid on the Footsie. Crude oil price eased so -- surprise, surprise --
fell 12p, or 2.2%, to 528 and
finished 13p lower, or 2.2%, at 586.
A vote by the U.S. Senate to allow imports of cheaper prescription drugs weighed on the pharmaceutical sector.
dropped to a session low of
17.85 before recovering its poise to close up 3p, or 0.2%, at
bounced back from its intraday nadir of 802p to close just 7.5p lower, or 0.9%, at 821.
Telecoms had a very mixed session.
closed 11p lower, or 1.2%, at 906 and
eased 5p, or 1.6%, to 307. In contrast,
made an impressive gain of 45p, or 1.9%, to close at
Europe's other major stock markets finished solidly in positive territory, with the
in Paris closing up 68.7, or 1.1%, at 6,563.8. Late in the German trading session, the
in Frankfurt rose 94.1, or 1.3%, to 7,460.7 and the Neuer Markt's tech-heavy
index was 124.8 higher, or 2%, at 6,397.4.
In Frankfurt, it was a clash of the Dax heavyweights, as a surging
offset a slumping
. SAP jumped 29.04 euros, or 13.3%, to 248.10 ($229.30), as investors celebrated the software makers second-quarter results and DT slumped 3.50 euros, or 5.8%, to 56.90, as the same investors worried Telekom had launched a very expensive $53-billion bid for U.S. wireless operator
Other big German technology shares posted modest gains, with
up 0.94 euros, or 0.8%, to 119.99 and
0.99 euros higher, or 0.6%, at 176.99.
erased early gains to close down 3.50 euros, or 2.3%, to 147.50 and
ended up 2.10 euros, or 2.8%, at 78.60.
Mixed French concern
closed up 1.50 euros, or 1.7%, at 90.90 amid the lackluster floatation of its utilities unit
, which closed below its 34 euro launch price at 33.88.