Mixed day for Europe as trade resumes in Istanbul

European markets had a mixed session, running out of momentum after four days of steady gains. The FTSE Eurobloc 100 index and the FTSE Eurotop 100 index both ended virtually all square at 1,105.28 and 3,054.07 respectively. The broader FTSE Eurotop 300 index hardened 0.2 per cent at 1,329.67.

Frankfurt reversed early gains to close modestly lower at 5,389.34 on the Xetra Dax index, off 10.98. The best of the session was 5,455.84.

Chemicals came in for selling pressure with Degussa Huels off €1.20 at €37.50 and BASF down €1.36 at €42.86. Bayer shed €1.10 at €42.

Motor giant Volkswagen found ready takers after recent weakness. The stock, which stood at €80 in January, added €1.65 to €57.24.

Paris paused for breath after four successive rises, with retailers climbing and oil stocks giving ground. The CAC-40 index ended 0.14 higher at 4,629.37. Speculation about restructuring in the retail sector helped lift Promodes and Casino. Casino rose €2 or 2.3 per cent to €88, while Promodes closed €11.50 or 1.8 per cent up at €656.

The downward trend in the oil price over the past few days undermined TotalFina and Elf Aquitaine, which are involved in a bitter struggle to take each other over. Total dropped €2.90 or 2.2 per cent to €126, while Elf declined €4.60 or 2.6 per cent to €172.40.

Amsterdam edged higher, adding 2.31 at 586.11 on the AEX index in spite of a shakeout for market heavyweight Royal Dutch. Oil price wobbles and a downgrade at HSBC, which switched from add to reduce, sent Royal Dutch down 3.5 per cent.

Shares in Istanbul fell steeply as trading restarted after a seven-day closure following last week's earthquake. Insurance was the worst-performing sector, sliding almost 20 per cent. Zurich ended little changed after a session dominated by interim results from drugs leader Novartis. The SMI index lost 0.8 at 7,141.9.

Novartis pushed ahead on what were initially seen as top-of-the-range results but closed lower on concern about one-off special factors. The shares lost SFr69 to SFr2,235 (€1,395).