LONDON -- Europe's markets caught a bid on the back of the
Dow Jones Industrial Average's
robust performance last night.
As lunchtime approached, the
was up 69.3 points to 6457.7, although the
was being weighed down by the
and was largely unchanged at 3355. On the Continent, the
in Paris was up 59.2 points to 6356.1 and the
in Frankfurt was up 66 points to 6992.5.
One of the biggest gainers was French telecom equipment manufacturer
, which announced this morning that revenue in the third quarter rose 50% when compared to the year before, to 7.9 billion euros ($6.6 billion). This is higher than expectations of around 7.1 billion euros. Earnings per share rose 178% to 0.25 euro from 0.09 euro the year before. By midday, the shares were up 5.50 euros to 74.50.
announced that net income for the nine-month period ending Sep. 30 surged 546% to 8.4 billion euros, most of that was due to one-time gains such as the sale of
and the IPO of
and by midday the shares were down 1.41 euros to 42.60. The German telco also said profits were hurt by the high costs of obtaining third-generation mobile-phone licenses.
In London, the two large telcos continued Monday's rise.
breached major resistance around 800p and the charts hint at a more significant rally. The shares lately stood up 12.5p at 813 ($11.79).
was lately at 289.75, showing a gain of 3p.
In the pharmaceutical sector,
fell as news emerged that the U.S.
Food & Drug Administration
is to review its irritable bowel blockbuster Lotronex. The shares were down 69p to
19.99. The news was a downer for future partner
, which was 25p lower to 908.
, however, rose 3p to
32.12, boosted by news of plans to sell its agricultural herbicide business to
Unsurprisingly, knowledge management software maker
had a stunning
debut on the London stock market. The shares were priced at
32.76, but by midday were up to
The rest of the tech sector was mixed. Optical component manufacturer
was up 66p to
was up 23p to 872. However, palm-top maker
was still suffering from Friday's profit warning. The shares slid another 8.5p to 425.5.