European bourses experienced mixed fortunes, receiving little encouragement from the modest early gains posted by Wall Street.
The FTSE Eurobloc 100 index, which covers leading companies in the euro zone, closed 2.17 higher at 1,071.83. The FTSE Eurotop 100, covering states inside and outside the zone, climbed 4.38 to 2,989.34 while the broader FTSE Eurotop 300 settled 2.66 higher at 1,298.57.
Frankfurt swung into positive territory as Wall Street opened firmer and the Xetra Dax index finished a busy day for corporate reports with a gain of 36.48 at 5,297.49.
Veba put on #2.10 to a 10-month high of #57.10 as the group forecast a significantly higher 1999 operating profit in spite of increased competition and lower oil prices. The group predicted big earnings increases this year as a result of income from stake sales and reduced losses in its telecommunications business.
Other utilities were also marked higher with Viag collecting #11.90 to #485.95 .
Among retailers, Karstadt gained #11.20 to #415.25 after reporting higher 1998 earnings that met expectations.
Sportswear and equipment maker Adidas recovered from early weakness, closing #2.50 higher at #98.30 after the group said that net profit should rise this year after last year's weak performance.
Paris closed little changed after a quiet day's trade ahead of a public holiday tomorrow.
Euro Disney ended 11 cents or 7.7 per cent up at #1.53 amid signs that brokers were taking an aggressive stance on buying the stock.
Banque Nationale de Paris climbed #2.25 or 2.9 per cent to #80.55 after Monday's announcement that it had enjoyed a 78 per cent rise in first-quarter net attributable profit. The CAC-40 index gained 2.83 to end at 4,349.98.
Brussels had a good day as strong performances from Fortis and Tractebel together accounted for two-thirds of a 33.92 or 1.1 per cent rise in the Bel 20 index to 3,238.82.
Fortis moved ahead after its chairman said shares placed by Asahi Mutual Life were likely to be sold without impact on the price. The shares finished up 55 cents or 1.8 per cent at #31.75.
Tractebel rose strongly to finish up #5.20 or 4.4 per cent at #137.80 after recent underperformance.
Milan was weak on a day dominated by banking matters and the Mibtel index finished 148 lower at 24,619.
Among the banks, BCI lost 3.9 per cent to #7.36 as investors dumped the shares on news that a group of shareholders wanted to get rid of the board of directors.
BCI's current board is divided over whether to accept a merger offer from larger rival UniCredito Italiano or hold out for an expected offer from Banca Intesa. UniCredito ended 0.5 per cent lower at #4.55 but Intesa closed 3.1 per cent down at #5.03.
