Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Home on the range where the buffalo roam -- Ignore unavailable to you. Want to Upgrade?

To: Boplicity who wrote (4604)	9/4/2000 10:07:33 PM
From: T L Comiskey	Respond to of 13572

Eurostocks Hit Fresh Records LONDON (Reuters) - The Eurotop 300 hit record levels for the second consecutive day on Monday, propelled by roaring technology and telecoms stocks, though some analysts warned it may yet be too early to take major equity positions. The strong advance came despite Wall Street being closed in observance of the Labor Day holiday. Players said some investors were building positions in anticipation of a rally at the end of the year, when fund money typically flows back into the markets. The Eurotop 300 index set a record close at 1,704.96 points, up 0.71 percent, after hitting an all-time high at 1,706.05. The Euro Stoxx 50 ended up 1.77 percent at 5,392.63 points, about 130 points below its life high reached in early March. Stock markets in Paris, Amsterdam and Copenhagen also broke new intraday records, while London's FTSE edged to its highest close of the year. Germany's DAX closed up 1.37 percent at 7,445.56 points. In Milan, the MIB30 index ended the regular session up 0.75 percent and was unchanged in its informal evening session. Investors continued to take money out of defensive sectors like food and beverages and healthcare to boost telecom holdings after the latter's recent battering to nine-month lows. The DJ Stoxx telecoms index closed up 2.05 percent at 694.65 after peaking at 702.76 points, its highest since end-July. France Telecom and Deutsche Telekom topped the list of blue-chip gainers, up 6.9 percent and 6.08 percent respectively. TOO SOON FOR TMT RECOVERY? Last year, technology, media and telecoms shares took off in the last few months and continued climbing until the global tech pullback in March. Some investors have been piling into TMT stocks amid expectations that pattern will recur, but Ian Scott, European strategist at Lehman Brothers, cautioned 1999 was probably an exception. ``Apart from the experience of 1999, there is little to support the notion of a strong rotation into aggressive growth stocks during the latter part of the year,'' Scott said. ``Of course, recent market movements suggest a nervousness on the part of investors that lightning may strike twice and the 1999 experience gets repeated all over again. This seems unlikely to us and we conclude that it is right to remain cautious on the TMT group,'' he added. RUSH FOR INTERNET STOCKS Monday's rush for Internet stocks suggested that few investors were ready to heed warnings about the sector overheating while some key names remained at a discount to the dizzy heights reached before the dot.com mania ended in March. A raft of bid and acquisition news in the sector sent investors scrambling to take bets on consolidation opportunities. British UK online directory service Scoot.com closed up 20.87, though after the close the firm played down reports that French utilities and media group Vivendi planned a takeover bid. Stock in German Internet service provider T-Online jumped 5.2 percent after it agreed to acquire Spanish portal operator Ya.com Internet Factory. That in turn sent UK Internet service provider Freeserve rocketing 10.9 percent, and Dixons, its majority shareholder rose 4.13 percent, on hopes Freeserve would be a clear candidate for future consolidation in the sector.