LONDON -- Thank goodness for

Nokia

(NOK) - Get Report

.

Beating analysts' expectations for the third quarter and forecasting a bright future, the world's largest mobile phone maker managed to dispel some of the gloom that has clouded the European markets of late. By midday, Nokia's shares were up 6.29 euros, or 17.7%, at 41.80 ($35.11), which helped lift the

FTSE 100

55 points to 6203, the

CAC-40

in Paris 94 points to 6032 and the

Xetra Dax

in Frankfurt 94 points to 6577.

Nokia's announcement that pretax profit during the third quarter rose 43% to 1.34 billion euros and sales of mobile phones rose 59% to 5.46 billion euros inevitably gave a big lift to other telecom equipment makers.

Alcatel

(ALA)

rose 1.50 euros to 72.00,

Siemens

(SMAWY)

was 7.03 to 137.44 and

Ericsson

(ERICY)

was 1.14 euros higher at 17.24.

Other stocks that benefited included

France Telecom

(FTE)

, up 5.00 euros to 103.00, and

Telefonica

(TEF) - Get Report

up 0.75 euro to 21.00. In London,

Vodafone

(VOD) - Get Report

gained 13.75p to 266.75 ($3.87), enough to add 37 points to the FTSE 100, and

British Telecom

(BTY)

rose 16p to 706.

The tech sector was also generally better, with the

Techmark 100

up 93 points to 3309.

For

Baltimore Technologies

(BALT)

it is definitely a case of another day, another dollar. Just 24 hours ago, the shares were down in the dumps as a massive placing weighed heavily. Today, the stock rises 25p to 470 after 37.9 million shares were placed at 440p.

Bookham Technology

(BKHM)

is also back in favor, as its shares rise 5.9% to 470, and even troubled Internet service provider and portal

Freeserve

(FREE)

managed to climb 2p to 162.

Not everyone had a great morning. Business software developer

SAP

(SAP) - Get Report

was down 13.22 euros at 230.18 as it announced that it made its first quarterly profit of the year in the third quarter, but this was, alas, less than many analysts had hoped.

The euro, too, is still floundering near its all-time lows ahead of the

European Central Bank's

meeting on interest rates. By midday, the euro stood $0.8423, slightly up from the all-time low of $0.8324 hit Wednesday.