LONDON -- The gains on Wall Street managed to rescue the U.K.'s stock markets from a dismal day that started with ISP
announcement that its takeover talks with potential suitors, including Germany's
, had failed.
turned a 22-point loss into a gain of 13.7, or 0.2%, to close at 6,405.2, while the
ended the session off the day's bottom levels at 3,415.7, down just 26.4.
Freeserve slid 77p, or 16.8%, to 362 ($5.43) as parent company
confirmed reports that it has not been able to offload its 80% holding in the U.K.'s largest Internet service provider and portal. Worse, full-year results ended April 29 showed Freeserve incurred a pretax loss for the period of
22.9 million ($34.8 million) compared with a loss last year of
1.5 million, which was slightly above most analysts' expectations. Revenue for the year was
19.6 million up from
2.7 million. T-Online, on the other hand, was up 0.60 euros, or 1.7%, at 36.95 in late afternoon trade.
Gainers on Monday included financial stocks on the theory that interest rates in the U.K have peaked.
climbed 41p, or 2.6%, to
ended 26.5p better, or 4.4%, at 629 and
rose 11p, or 1.5%, to 762.
Telecom and cable stocks also did better, aided by an announcement that Dutch-based cable company
United Pan-European Communications
has secured a 25% stake in
. Telewest closed 25p higher, or 9.1%, at 299.
reversed an initial loss to finish 40p higher, or 1.8%, at
managed to turn a 6p loss into a gain of 2p, or 0.6%, at 297.
put paid to speculation of a
6 billion counter-bid led by the German media conglomerate
when its shareholders voted overwhelmingly for the proposed merger with
. EMI ended up 27 1/2p, or 4.4%, at 658.
Europe's other major stock markets ended mixed, with the
in Paris closing up 40.9, or 0.6%, at 6,586.3. Late in the German trading session, the
in Frankfurt was up 47.4, or 0.7%, at 7,027.8 and the Neuer Markt's tech-heavy
index was down 53.6, or 0.9%, at 6,206.9.
German blue-chip tech shares were mixed and volatile, with
erasing early gains to fall 0.34 euros, or 0.21%, to 158.96 ($148.80) and
slashed early losses to rise 2.21 euro, or 1.8%, to 125.21.
was down 0.22 euros, or 0.4%, at 56.03, failing to hold onto gains after announcing an alliance with Korean carmaker
jumped 1.03 euros, or 2.8%, to 38.72 after a report that the bank's Spanish and Italian partners were considering a takeover should merger talks with
fail. Dresdner was up 0.45 euros, or 1.1%, at 42.60.
Major European telcos ended mixed, with
down 0.50 euros, or 2.4%, at 20.55 and
up 3.00 euros, or 1.9%, at 163.50.
was 0.27 euros higher, or 0.4%, at 63.77.