LONDON -- Investors in Europe were holding their nerve despite Wall Street's dismal performance Friday and the overnight selloff in the Far East.
index was up 15.3 to 6060.7 after being 84 points up at one point, but the
remained under the
cloud and was 55.2 points easier at 2996.3.
"There are still a lot of frayed nerves out there. I still don't trust it, but I'm not knocking it," commented a senior trader. "Business is thin and prices are just being roared around dealing screens
and we're just going to have to learn to live with these wild swings."
This morning's big feature was
, which jumped 31.5p to 420 (US$6.22) before settling 12p higher to 400 on takeover speculation by cable group
. This in turn sparked demand for its parent
, which moved up 9p to 292.
Marks & Spencer
edged forward 3p to 235 ahead of Tuesday's annual results. A dividend cut, much to shareholders' chagrin, appears to be in the cards.
has trimmed its profits forecast to
470 million from
500 million, but still rates the stock an add. CL thinks that M&S will include everything, even the kitchen sink, to boost its numbers, but everyone is really looking for a statement on how it is going to revitalize its businesses and image.
News that the government is considering proposals to change media legislation that would pave the way for single ownership of one of the terrestrial TV channels, ITV, boosted
18p to 578. There was also an unsourced report in a Sunday newspaper that Granada is preparing plans for a
5-billion bid for
United News & Media
if United and its merger partner
won't sell Granada certain ITV franchises it wants. United News & Media was 21p better at 785.
Tech stocks were generally lower, but there were some gainers.
rose 79p to
was up 74p to
jumped 20p to 196 after announcing a strategic alliance with
, a global information solutions company and a subsidiary of
Great Universal Stores
On the downside,
fell 277p to
was marginally easier at 615.
Europe's other bourses were trading in tight ranges. The
in Frankfurt was down 73.43 to 6915.60 and the
in Paris was 39.22 lower to 6156.83. The
index was off 130.88 to 6358.84.
Although the majority of German technology shares were lower, blue-chip issues were able to post some gains.
was up 0.74 euro to 137.10 (US$122.86),
was up 1.30 euros to 38.40 and software maker
rose 2.17 euros to 558.02.
As for other big names in Frankfurt,
was down 0.18 euro to 80.72 and
was 0.94 euro lower to 39.01, but
climbed 0.39 euro to 60.64.
was up 0.55 euro to 56.80,
rose 0.38 euro to 22.05, while
fell 1.40 euros to 136.40.