LONDON -- Well, you didn't have to be a rocket scientist to work out that Europe's markets would be higher Wednesday morning after a strong performance by Wall Street overnight.
pinged up 59 points in the first few minutes of trading with tech stocks leading the charge, but by midmorning the index had lost some of its early sparkle and was 12.0 points higher to 6295.0. The
index was up 66.6 points to 3591.4.
Some traders blamed the lack of momentum on the fact that the early morning markup had the effect of choking off potential investment. Buyers held off, hoping for an opportunity to play later.
Some techs were not just relying on the
for their gains.
jumped 477p (US$7.58) to
33.00 before settling 277p higher at
31.00 on news that
has agreed to license the company's Symbian software platform for use in its next generation of wireless devices. And
advanced 102p to
56.50 on the announcement that it is to provide managed services for
, the e-business trust infrastructure for financial institutions.
rose 12p to
11.60 on news that it is to launch BTopenworld, a mass-market broadband portal with a high-speed Internet service, in July. Tuesday's market laggard,
, staged a tentative rally to stand 5p higher at 285, and
moved up 59p to
Cable & Wireless HKT
gained 27p to
The Wall Street Journal
are considering a $30 billion bid for C&W HKT. The latter recently accepted an offer from
Pacific Century Cyberworks
Oils and pharmacueticals, two outperforming sectors in recent days, succumbed to profit-taking.
fell 9p to 499 and
slipped 2p to 553p.
was off 9p to
was 2p cheaper at 890.
Europe's other bourses were higher, with the
in Frankfurt up 123.41 to 7403.92 and the
in Paris up 108.77 to 6429.06.
As well as the overall bounce in tech stocks, the fall in the euro against major currencies helped lift sales of major exporters. The euro fell to an all-time low of 91.65 cents to the U.S. dollar on Tuesday. Wednesday morning the euro stood at 92.11 cents to the U.S. dollar.
The Dutch electronics firm
recorded a 22% gain in first-quarter sales last week. Its shares were up 0.50 euro to 48.80 (US$44.95). Other tech gainers included
, up 5.33 euros to 156.93, and
, up 39.30 euros to 641.00.
this morning announced that it has signed a contact to supply China's
Jilin Mobile Communications
with WAP solutions. Its shares rose 1.40 euros to 54.90 on the news.