The mood in Europe stayed positive, lifting the FTSE Eurobloc 100 index to another record high. It rose 0.7 per cent to 1,159.73. The FTSE Eurotop 100 index rose 0.5 per cent to 3,197.10 and the broader FTSE Eurotop 300 index added 0.3 per cent at 1,380.56.
Paris romped to its ninth successive record high, ending with the CAC-40 index up 54.27 at a best of session 5,051.83. Broker optimism sent Bouygues steeply higher. Merrill Lynch, upbeat about the group's cellular operations, initiated coverage with a target price of €436. The stock jumped 13.2 per cent or €46.80 at €402.8 in turnover of 175 million.
Among telecoms equipment makers, Alcatel continued to find favour. The shares initially fell to €152.65 on unexciting third-quarter results but rapidly recovered to finish €12.90 or 8.2 per cent better at €169.9. Renewed takeover rumours got firmly behind Casino, sending shares in the retailer up €5.40 at €121.5. Sanofi-Synthelabo was the day's backmarker, sliding €2.15 to €42.85.
Frankfurt rose 47.69 to 5,742.42 on the Xetra Dax index, a fresh high for the year. The takeover rumours that have swirled around Mannesmann in recent weeks came back with a vengeance, sending the stock up €11.20 or 6.9 per cent to an all-time best of €173.75.
Commerzbank's third-quarter results statement, with its message of lower profits and spiralling costs, disappointed the market and the shares fell against the trend, losing 62 cents at €35.30.
Amsterdam pushed higher following good demand for market leaders Royal Dutch and Philips. The AEX index ended 3.79 ahead at 587.18. Royal Dutch gained €1.75 at €109.30 and Philips, boosted by broker comment, rose €4.70 to €109.30. Among financials, ABN-Amro stayed firm in heavy trading, rising 67 cents at €23.92 with 17.9 million shares changing hands. Ahead of today's third-quarter results, Aegon added 25 cents at €87.35. ING provided the main contrast in the sector and ended off 88 cents at €60.30.
Milan shares barely budged but the immobility of the all-share index cloaked sharp movements in individual stocks. The Mibtel index ended up 112 at 23,599. Internet-related shares shone brightly.
Banca Popolare Brescia-Carire was the best-performing blue chip on news that its Fineco On Line business had tripled the number of online clients since July. Shares gained €2.07 to €41.6 a rise of over 5 per cent. Yellow Pages company extended its gains, helped by its Internet portal Virgilio. Shares were up 7 cents to €1.525, a rise of 4.8 per cent.
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