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To: Paul A who wrote (88606)	6/10/2003 6:53:30 AM
From: 2MAR$	Respond to of 208838

Eurostocks climb on relief over Nokia update Tuesday June 10, 5:38 am ET LONDON, June 10 (Reuters) - Relief that a trading update from Nokia (NOK1V.HE) did not spring any nasty surprises buoyed European technology shares and helped the region's leading stock markets move ahead on Tuesday. Shares in Finland's Nokia traded 1.5 percent higher after the world's largest mobile phone maker warned, as was widely expected by investors, that sales at its main handset unit could be weaker than expected in the second quarter due to the weak dollar and economy as well as SARS. Nokia said sales growth at its main mobile phones unit was seen at the low end of or below an earlier forecast of four to 12 percent, but positive. Strong profitability was expected to continue. Nokia said it saw second-quarter proforma diluted earnings per share at 0.13-0.16 euros, flat on a previous forecast. "Nokia's figures are largely unremarkable," said Simon Hallet, ING Barings TMTs fund manager in London. "They are slightly cautious on revenues but that was expected given SARS and the environment so this is not particularly concerning." Analysts said there was good news in Nokia's networks division with sales forecasts for the April-June period slightly above most market expectations. "Within Nokia's figures there was a nice surprise from the networks division, we had expected sales to be down five percent in the second quarter," said Thomas Langer, a telecom equipment maker analyst at WestLB Panmure. "This has helped them maintain their guidance range for EPS in the second quarter." European peer Alcatel (Paris:CGEP.PA - News) and Ericsson (Stockholm:ERICb.ST - News) added two and four percent respectively on the news after the sector was spooked by a profit warning from U.S. giant Motorola (NYSE:MOT - News) on Monday. In Helsinki, the HEX general index (^HEX - News) was up 0.2 percent at 5,679 points. By 0925 GMT, the FTSE Eurotop 300 index (London:^FTEU3 - News) was up 0.35 percent at 849 points and the narrower DJ Euro Stoxx 50 index (Zurich:^STOXX50E - News) was up 0.64 percent at 2,404 points. The benchmark Eurotop has rallied 9.3 percent in the past two weeks, breaking even for the year and rising above the top end of an eight-week trading range, as investors started to price in expectations of better economic times ahead.