Sun, Sep 11, 2005 - Page 10 News List

European markets end week in positive territory


European stock exchanges, buoyed by a strong showing in the oil sector and a positive start to the day on Wall Street, ended the week in positive territory on Friday.

The London FTSE 100 index gained 0.35 percent to close at 5,359.3 while in Paris the CAC 40 added 0.58 percent to reach 4,491.68. The Frankfurt DAX rose 0.26 percent to end the session at 5,005.93.

The Euro STOXX 50 index of leading eurozone shares added 0.39 percent to reach 3,359.65.

US stocks resumed their rally as upbeat comments from the tech sector eased concerns on the profit outlook after Hurricane Katrina and investors eyed a possible rate hike pause by the Federal Reserve.

The Dow Jones Industrial Average climbed 0.55 percent to 10,653.81 and the NASDAQ composite added 0.25 percent to 2,171.38 at 3:35pm GMT.

Some investors were betting that the Fed will hold back on lifting rates to keep lending cheap for companies and individuals as reconstruction efforts get underway in the southeast after Hurricane Katrina.

The central bank is due to meet on Sept. 20 to discuss whether to raise its key short-term interest rate, which currently stands at 3.5 percent.

In London oil group BP rose 1.67 percent to £6.3850, while Royal Dutch Shell added 0.88 percent to reach £18.34 as crude prices turned higher, albeit far from the record levels reached late last month.

Energy giant Centrica fell 1.70 percent to close at £2.6025 after issuing a warning on its annual results.

Elsewhere there were gains of 0.23 percent to 3,249.37 on the BEL-20 in Brussels, 0.20 percent to 34,233 on the SP/MIB in Milan, 0.43 percent to 10,486.6 on the IBEX-35 in Madrid, 0.33 percent to 6,703.62 on the Swiss Market Index and 0.25 percent to 394.91 on the AEX in Amsterdam.

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