CAC leads the way higher

Dax: 3012.32 (+18.12)

German shares finished firmly ahead, with a strong showing by US stocks and the dollar pushing the DAX through the 3000 point level and allowing gains to be extended in late German trade. Star performer on the DAX was Allianz after investment house Goldman Sachs raised its rating on the insurer. The upgrade sparked a rally in Allianz that saw its shares rise five per cent to a record high at 3,088 marks before easing in post-bourse trade to 3,062.50. CAC-40: 2503.06 (+38.05)

French shares, which had a small rate cut to celebrate, led the way higher in Europe, with the CAC-40 index rising 38.05 points to close at a record of 2503.06, above 2500 for the first time. French stocks rallied to historic highs in heavy volume after the Bank of France trimmed its leading intervention rate to 3.1 per cent from 3.15 per cent.

Mibtel: 12246 (+47)

Italian shares ran out of steam in late business and closed with only modest gains after coming off the session highs in fairly thin and directionless trade.