Mixed performances see markets ending flat

Bourses rallied yesterday as the yen fell against the dollar and the euro. The Eurotop 100 index rose 5.39 or 0.2 per cent to 2,970.10 while the Eurotop 300 advanced 3.70 or 0.3 per cent to 1,306.81. The Euro-bloc 100 index of euro-zone companies edged down 1.16 or 0.1 per cent to 1,091.85.

Frankfurt surrendered early gains to close flat in trade driven by the triple- witching expiry of options and futures. The Xetra DAX index turned back from a high of 5,365.27 to close 0.48 easier at 5,303.94.

Among the big losers, chemicals manufacturer Henkel lost €2.84 to €66.41 while drugs group Schering gave up €25 to €101.71.

Among the banks, Dresdner put on €1.35 to €46 and HypoVereinsbank was €1.52 higher at €61.86, gaining ahead of their entry into the Euro Stoxx-50 index. Among other new entrants, Munich Re climbed €4.90 to €202.40 and BASF 91 cents at €44.91.

DaimlerChrysler closed a busy week 70 cents higher at €68.20 as the company said it expected higher than previously forecast revenues this year as a result of dynamic European and north American sales.

Retailer Metro turned back from a high of €54.55 to close 59 cents lower at €52.01 after the company said it was in talks on a merger with supermarket chain Edeka Zentrala.

Paris finished almost flat after late arbitrage and a sell-off of oil stocks offset sharp gains by several other blue chips. The CAC-40 ended at 4,644.32, up 3.77 or 0.1 per cent.

STMicroelectronics, the volatile semiconductor maker, climbed €3.30 or 4.6 per cent to €74.30 on reports that its latest share issue was several times oversubscribed. STM is selling shares worth €2.06 billion. Oil companies drew back ahead of the Opec meeting next week. TotalFina fell €2.80 or 2.3 per cent to €120.90 while Elf Aquitaine ended €4.40 or 2.4 per cent lower at €175.50.

Milan remained in demand with the rival bids for insurer INA still driving the financial sector. The Mibtel index put on 141 to 24,131.

Shares in INA climbed above the €3 level for the first time as investors bet that suitor Sanpaolo IMI would try to trump Generali's bid.

Zurich edged ahead, largely in response to demand for Novartis ahead of its showcase research and development presentation in New York next week. The SMI index put on 41.6 to 7,026.6. Amsterdam ended lower after the derivative contract expiry caused its traditional bout of the jitters. The AEX index fell 4.58 or 0.8 per cent to 572.12.