Europe stocks stay down

July 16, 2001 Posted: 1427 GMT

LONDON (CNN) -- Europe's major bourses remained negative in afternoon trade Monday, as investors shied away from the markets ahead of transatlantic results.

Techs and telecoms were the main decliners, with the world's biggest mobile phone maker, Nokia, down more than 1 percent. It is due to post results Thursday.

Rival Ericsson lost 2.8 percent in early trade amid expectations it will post a significant loss when it discloses second-quarter results Friday, but recovered in the afternoon to reach parity.

Market Movers

FTSE 100 / FTSE 250 DAX 30 / DAX 100 CAC 40 / SBF 80

In London, the FTSE 100 slipped 0.2 percent at 5,525.10, with Britain's second-biggest cable company, Telewest Communications (TWT), the main faller, down 5.2 percent.

Business services firm Capita Group (CPI) followed, dropping 2.8 percent.

Software companies CMG (CMG) and Sage (SGE) both lost more around 2 percent.

Irish Internet firm Baltimore (BLM) soared nearly 9 percent, despite the tech company denying press reports is in takeover talks with Computer Associates of the U.S.

In oil stocks, British Petroleum (BP-), the world's third-biggest publicly traded company, was flat after it announced it is buying the oil refinery and petrol station businesses of Germany's largest power group, E.ON (FEOA), which rose just over 1 percent.

In Paris, the CAC 40 blue chip index slid 0.2 percent to 5,015.75, with turbines and trains maker Alstom (PALS) at the top of the loser board, falling 2.7 percent.

The largest computer services group in Europe, Cap Gemini Ernst & Young [PAR: ], fell 1.3 percent.

Europe's biggest chipmaker, ST Microelectronics (PSTM), dropped nearly 1 percent and Aventis (PAVE), one of the world's biggest drug companies, slid 1.8 percent.

Frankfurt's Xetra Dax index was down 0.6 percent at 5,893.97, with communications and engineering conglomerate Siemens (FSIE) falling 3.2 percent to top the decliners.

Dresdner Bank (FDRB) also dropped more than 3 percent on news Allianz (FALV) had ended its takeover offer, saying it had secured a 95 percent stake in the bank.

Dresdner now is expected to fall out of the DAX index of German blue chip stocks as early as Tuesday next week.

Sportswear maker Adidas-Salomon (FADS) slipped 1.5 percent.

The index was further weighed down by tech and telecom components like Europe's biggest software company, SAP (FSAP), the second largest European chipmaker, down 2.8 percent, and Infineon Technologies (FIFX) and Deutsche Telekom (FDTE), both off by 1.8 percent.

In Amsterdam, the AEX index fell 0.9 percent, while the SMI in Zurich was 0.6 percent lower. Milan's MIB30 dipped 0.2 percent.

The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was off 0.5 percent.

Market Movers

TechMark 100 Nemax 50 Nouveau Marché

Trading was similar on Wall Street, with U.S. stocks opening flat as

investors awaited word from the hundreds of companies reporting June-quarter results this week.

In morning trade, the Dow industrials dipped 5.05 to 10,535.08, while the Nasdaq composite index dropped 7.94 to 2,076.85. The S&P 500 rose 0.08 to 1,215.76.

In the currency market, the euro was slightly higher against the U.S. dollar at 85.71 cents as against 85.47 Monday.

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