LONDON -- Despite Wall Street's dismal overnight performance, the FTSE 100 managed to eke out a gain of 8.1 points to 6204.3, while the Techmark was down just 4.6 points to 3393.0. Trading volume is low and caution remains the byword.

British Telecommunications

(BTY)

saw its share price fluctuate sharply as investors digested fourth-quarter and annual figures. Profits were a shade down from last year but better than most forecasts, while total revenue rose by 20%. Having shown a loss of 2p at one stage and a gain of 12p at another, the price midmorning was 6p higher to 998 (US$1.50).

Telewest

(TWSTY)

reported that its Internet subscriber list rose sharply higher and first-quarter profits were up 14% to

58 million. Nobody seems to be listening because the price is little moved at 295p.

Bookham Technologies

(BKHM)

headed the tech stocks with a gain of 170p to

39.50. On the downside,

Infobank

slid 50p to 862.5.

Europe's other stock markets were also trading in a tight range, with the

Xetra Dax

in Frankfurt down 5.64 to 7205.87 and the

CAC 40

in Paris 6.20 lower to 6446.85. The

Neuer Markt's

Nemax 50

index was down 17.24 to 6875.40.

Big technology shares in Frankfurt were mostly higher, as

Epcos

(EPC) - Get Report

rose 2.46 euros to 149.46 (US$134.51) and software maker

SAP

(SAP) - Get Report

climbed 4 euros to 608.00. Europe's largest Internet service provider,

T-Online

, was able to erase early losses made after releasing earnings and announcing it would soon implement unmetered charges to access the Internet. Midday, T-Online was up 0.30 euro to 41.80.

German banks were in positive territory Thursday, as

Commerzbank

(CRZBY)

climbed 0.32 euro to 41.52,

Deutsche Bank

(DTBKY)

was up 0.24 euro to 82.44 and

Dresdner Bank

(DRSDY)

was 0.62 euro higher to 45.95.

Deutsche Telekom

(DT) - Get Report

, on the other hand, weighed on the Dax, falling 0.89 euro to 61.80. Other European telcos had mixed results, with

France Telecom

(FTE)

down 0.50 euro to 154.50 and

Telefonica

(TEF) - Get Report

up 0.41 euro to 23.69.