As the euphoria from the US interest rate cut faded, technology shares shed some of their gains from earlier in the week. SAP fell back 2.8 per cent to #164.05, Infineon was down 4.3 per cent at #46.56 and Siemens down 2.4 per cent at #127.12.
It was a day of reckoning for Europe's mobile phone sector, with both Nokia and Ericsson reporting. Ericsson's shares took a pounding, falling 14.5 per cent lower to SKr59 as its results sent investors fleeing. Although the loss for the first quarter was slightly less than had been expected, the company said it would make another loss in the second quarter.
Ericsson, the world's number one in mobile networks and number three in mobile handsets, said the current market situation meant it was unable to give an earnings forecast for the whole year.
In contrast, Finland's Nokia rose 1.7 per cent to #34.15 after announcing better-than-expected first-quarter results. Pre-tax profit rose 6.1 per cent on the same period last year thanks to increasing handset sales. However, the company cut its outlook for profit and sales in 2001, and said it expected the second-quarter profit to be little changed from the first quarter.
France's Alcatel caught some of the downturn, falling 2.1 per cent to #35.80. French electrical components distributor Rexel ended 0.3 per cent up at #82 on first-quarter sales up 25.7 per cent, a little below expectations.
Internet market research company NetValue fell 10.6 per cent to #1.77 after announcing a net loss of #20.7 million for 2000. It said first-quarter growth for 2001 would be less than forecast.
Swiss industrial group Sulzer fell 7 per cent to SFr935 after shareholders on Thursday rejected a hostile takeover bid from investment group InCentive Capital.
In biotech, the Swiss group Actelion plunged almost two-thirds after a key drug failed to meet expectations in tests. The shares fell 62 per cent to SFr220.