New economy stocks push bourses upwards

Leading bourses ended the week more or less where they began, pressed up against all-time highs

Leading bourses ended the week more or less where they began, pressed up against all-time highs. Amsterdam pushed higher in spite of a dramatic 26 per cent shakeout at Wolters Kluwer following a profits warning from the media group and the resignation of its chairman.

The shares tumbled €9.00 to €25.60 in some of the heaviest trading volume seen on the Dutch bourse with 40.2 million shares 15 per cent of the group's equity capital changing hands.

Rival media shares gained from the selling. Elsevier added 64 cents at €10.34 and VNU €1.70 at €76.70. Technology heavyweights Philips and KPN rose €6.20 to €203 and €10.35 to €147.95 respectively. The AEX index rose 8.52 to 676.61.

Frankfurt closed with the Xetra Dax index up 26.80 at 7,975.95 after touching 8,076.31 earlier.

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Compared with the powerful runs racked up when they unveiled their merger plans, Deutsche Bank and Dresdner were in subdued mood. The former ended €6.06 lower at €74.75 while Dresdner eased €3.85 to €46.15.

Paris climbed 86.85 to 6,510.28 on the CAC-40 index after a rally by glamorous new economy stocks. However, the index was almost exactly where it was at last Friday's close.

Technology services company Cap Gemini rose again as the company announced its third big deal in a month, this time with Sun Microsystems. It closed 11 higher at €350.

Pay TV company Canal Plus gained €20.30 to €360.30 on positive sentiment about Internet-media ties. Its main shareholder, Vivendi, gained €3.60 to €141.60 amid market talk that it had won a licence for the latest generation of mobile phones in Spain.

Milan was lifted to another early intraday record high as Nasdaq's overnight performance continued to stir the new-economy theme. The market was unable to hold on to its best levels although the Mibtel index still finished 210 higher on the day at 34,661.

Helsinki ended the week in the black thanks to bourse engine Nokia. The mobile phone maker rose 5.1 per cent or €10.95 to €226.90. The Hex general index added 524.47 at 17,716.74.