LONDON -- Investors in Europe were holding their nerve despite Wall Street's dismal performance Friday and the overnight selloff in the Far East.


FTSE 100

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.

Credit Lyonnais

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

Granada Group

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

Carlton Communications


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

36.00 and


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,

Bookham Technology


fell 277p to

32.87 and

ARM Holdings


was marginally easier at 615.

Europe's other bourses were trading in tight ranges. The

Xetra Dax

in Frankfurt was down 73.43 to 6915.60 and the

CAC 40

in Paris was 39.22 lower to 6156.83. The

Neuer Markt's

Nemax 50

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.


(EPC) - Get Report

was up 0.74 euro to 137.10 (US$122.86),


was up 1.30 euros to 38.40 and software maker


(SAP) - Get Report

rose 2.17 euros to 558.02.

As for other big names in Frankfurt,

Deutsche Bank


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.

Deutsche Telekom

(DT) - Get Report

was up 0.55 euro to 56.80,


(TEF) - Get Report

rose 0.38 euro to 22.05, while

France Telecom


fell 1.40 euros to 136.40.