Continuing tensions in the Gulf, where the US and Iraq have ruled out compromises over the UN arms inspections, kept the cap on trade in many of the European markets. Oil stocks remained beneficiaries of the tensions, however, with further rises posted across the sector.
In France, Total rose 22 French francs to Ffr704 as HSBC reiterated its recommendation and suggested that fair value for the shares was at least Ffr850. Elf-Aquitaine put on Ffr23 to Ffr713.
Royal Dutch/Shell was 2.30 guilders higher at fl91.80 in the Netherlands, while Petrofina in Belgium was marked up 225 Belgian francs to Bfr12,225. Italy's Eni was 82 lira ahead at l10,021.
Frankfurt finished flat after a volatile session in which weak volumes tended to exaggerate movements. The Xetra DAX closed 2.09 weaker at 4,643.80.
Metro was marked sharply higher after the group, Europe's largest retailer, announced a radical restructuring programme late on Thursday. The shares, which attracted a number of upgraded from analysts, jumped 6.70 deutschmarks to DM116.40. Amsterdam finished marginally down after a dull day's trading. The AEX index finished 5.35 lower at 1,033.36.
Paris barely moved on a day dominated by worries about the possibility of a US attack on Iraq. The CAC-40 index closed up 2.00 at 3,562.23. Alstom, the engineering group, closed up Ffr9.70 or 7.2 per cent at Ffr145 as investors anticipated strong first-half earnings.
France Telecom, which has performed strongly all week in the run up to its share placement later this month, fell Ffr9.70 or 2.4 per cent to Ffr390.
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