Leading markets wobbled yesterday after negative US economic data took some of the steam out of the rally on Wall Street that has dominated trading for most of this week. Even so, the FTSE Eurotop 300 index managed to finish with a net gain of 2.8 per cent.

An upbeat trading statement from Carrefour in which the French group, against expectations, maintained its sales growth target for the year, provided one bright spot on an otherwise dull day.

Shares in the world's second-largest retailer shot up 4.5 per cent to €53.70, erasing a 2.6 per cent slide on Thursday when many investors shorted the stock amid rumours that a profits warning could be on the agenda.

Carrefour reaffirmed its full-year 2001 sales growth target of 8 per cent and its goal of a 15 per cent rise in underlying earnings after goodwill. However, it posted a below-expectation 5.4 per cent rise in third-quarter sales, with weaker exchange rates hitting earnings from Latin America and Asia.

Consulting giant Cap Gemini Ernst & Young took a sharp tumble as it told investors that third-quarter performance would be far below previous objectives. The shares dropped to €56.75 but pulled up to close 1 per cent lower on the day at €61.30 as the group pledged to accelerate cost-cutting measures by relocating activities and cutting back operations.

Dutch datacommunications group Versatel tumbled 7.6 per cent to 97 cents as the company said it was not aware of any investigation by the Dutch Securities Board following a jump in its share price ahead of Wednesday's announcement of a debt buyback programme. The shares had risen 21 per cent on Tuesday.

Commercial television station TF1 dropped 8.9 per cent to €24.70 on profit-taking and after Merrill Lynch downgraded its ratings on the grounds of its valuation and poor outlook.

Saint Gobain stayed firm as brokers continued to make bullish noises about shares in the glassmaker.