European stocks tack on tentative gains
By Vivian Chu, Mariko Ando &Liza Roberts,
CBS MarketWatch
Last Update: 3:55 AM ET Apr 6, 2000 StockWatch
LONDON (CBS.MW) -- European stocks tacked on tentative gains Thursday, following a chaotic session Wednesday that featured volatile trading and a major technical snafu that delayed trading for eight hours on the London Stock Exchange.
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The LSE was back in action Thursday. The FTSE 100 index added 17.40 points to 6,396.60. In Frankfurt, the Xetra DAX rose 36.66 points to 7,367.43. And in Paris, the CAC 40 tacked on 67.27 points, or 1.1 percent, to 6,104.21.
New strength in the tech area could be seen on the technology-heavy Neuer Markt index of small and medium-sized companies in Germany. The index tacked on 284.68 points, or 5 percent, to 5,973.67.
Europe's positive moves came after the Nasdaq Composite added 20.33 points, or 0.5 percent, to 4,169.22 after climbing as much as 138 points in intra-day dealings as buyers surfaced in many of the recently hard-hit areas of the market, such as chip and biotech.
The Dow Industrials lost 130.92 points, or 1.2 percent, to 11,033.92, led on the downside by shares of Coca-Cola, Boeing, United Technologies and Exxon Mobil. Upside leaders included Hewlett-Packard and IBM. See full story.
Looking up
Many of Europe's technology and telecom stocks traded higher. Shares of British Telecommunications PLC (BTY: news, msgs) added 5 pence to 11.30. Chip designer ARM Holdings PLC (ARMHY: news, msgs), meantime, added 87 pence, or 2.4 percent, to 36.94.
Phones and techs were also doing well across the channel. In France, the chipmaker STMicroelectronics SA (STM: news, msgs) rose 7.70 euros, or 4.4 percent, to 36.94. Shares of France Telecom SA (FTE: news, msgs) added 5.60 euros, or 3.9 percent, to 157. Germany's Siemens AG (SMAWY: news, msgs) added 4 percent to 138.88 euros, while software maker SAP AG (SAP: news, msgs) tacked on 3.9 percent to 709 euros.
Some Internet stocks also climbed back. Lastminute.com of the U.K. (LMIN: news, msgs) rose 5 pence, or 2.6 percent, to 197.50. Spain's Terra Networks SA (TRRA: news, msgs), tacked on 2.50 euros, or 3.8 percent, to 68 euros.
Meantime, old economy stocks like the region's retailers were mixed. Shares of Marks & Spencer PLC (MASPY: news, msgs) fell 0.25 pence to 272.25. France's Pinault Printemps Redoute SA, meantime, added 2.10 euros, or 1.1 percent, to 197.30 euros.
Banks were also trading on both sides of the flat line. Deutsche Bank AG (DTBKY: news, msgs) shares fell just under 1 percent to 79.36 euros one day after its bid to merge with Dresdner to create the world's largest bank collapsed, leaving Deutsche in the lurch and Dresdner the subject of market talk as a takeover target. See full story. Dresdner (DRSRY: news, msgs) shares fell 4.5 percent to 46.80 euros.
In the U.K., shares of Barclays PLC (BCS: news, msgs) added 12 pence to 17.08 pounds, and HSBC Holdings PLC (HBC: news, msgs) shares rose 1.50 pence to 711 pence. |
