Sun, Oct 16, 2005 - Page 10 News List

European stocks surge in response to flat US figures


Europe's stock markets bolted ahead on Friday, spurred on by a tame report on US core inflation and in spite of a decline in US industrial production.

The London FTSE 100 index rose 0.19 percent to close at 5,275, while in Paris the CAC 40 added 0.27 percent to end the week at 4,482.13. In Frankfurt, the DAX took on 0.51 percent to finish at 4,975.56.

The Euro Stoxx 50 index of leading eurozone shares gained 0.55 percent to reach 3,349.58.

In London, gambling and leisure operator Hilton Group surged 13.37 percent to 345.50 pence after announcing that it had received an offer for its hotels arm from Hilton Hotels Corporation, the US group from which it split back in 1964.

Broadcaster BSkyB added 2.19 percent to reach 535.50 pence as investors welcomed its possible entry into the high-speed Internet market through the acquisition of OneTel, which has been put up for sale.

Oil giant BG Group fell 2.52 percent to 484 pence as crude prices declined.

In Paris, another oil group, Total, fell 2.85 percent to 204.50 euros. Drugmaker Sanofi-Aventis rose 1.40 percent to 68.65 euros after getting European approval for its anti-diabetes medicine, Exubera.

STMicroelectronics gained 2.41 percent to close at 14.03 euros, taking advantage of positive comments from Goldman Sachs on sales prospects for its leading client, Finnish mobile phone supplier Nokia.

In Frankfurt, semi-conductor group Infineon climbed 1.62 percent to 8.16 euros on reports that South Korean electronics manufacturer Samsung was expecting a sharp hike in fourth-quarter demand.

Elsewhere there were gains of 0.59 percent to 10,629.3 on the Ibex-35 in Madrid, 0.04 percent to 6,871.17 on the Swiss Market Index, 0.75 percent to 394.31 on the AEX in Amsterdam, 0.27 percent on the Bel 20 in Brussels and 0.45 percent to 33,214 on the SP/Mib in Milan.

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