Europe ends high

December 28, 2001 Posted: 1716 GMT

LONDON (CNN) -- Europe's major bourses held on to modest gains at the end of trading on Friday, with techs and retail leading the advance.

London's FTSE 100 edged up 0.38 percent to 5,233.1 and the CAC 40 blue chip index in Paris gained 0.4 percent to reach 4,607.85, while Frankfurt's electronically traded Xetra Dax rose 0.84 percent to 5,160.10.

The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was up 0.5 percent, with the information technology and automobile sectors in positive territory.

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Oil stocks rose as the Organization of the Petroleum Exporting Countries agreed in Cairo to slash oil output in a bid to bolster crude prices. Brent Crude for February delivery rose 41 cents to $20.75 in earlier London trading.

Royal Dutch, which owns 60 percent of the world's second-largest oil company Royal/Dutch Shell, rose 1.5 percent in Amsterdam, and Total Fina Elf (PFP) climbed 1.7 percent.

In the technology sector, UK components maker ARM Holdings rose 3.4 percent higher, and German electronics component maker Epcos [FSE:FEPC], which was down 2.5 percent on Thursday as Dresdner Kleinwort Wasserstein said it had removed from its top pick list, rose 2.8 percent.  

Cap Gemini (PCAP), Europe's biggest computer services company, was up 2.6 percent. Sweden's Ericsson, the world's biggest supplier of mobile phone infrastructure, edged up 1.8 percent, and Nokia, the world's biggest mobile phone company, rose 1.9 percent.

Retailers gave the market a boost with news of strong Christmas sales. British clothing retailer Next gained 2.2 percent. LVMH, the world's biggest owner of luxury brands, rose 1.9 percent.

Utilities attracted some buying interest, with Severn Trent rising 3.8 percent and Scottish Power (SPW), the UK's biggest electricity company, gaining 3.4 percent in London.

Alstom (PALS), the trains-to-turbines maker, rose 3 percent while one of the world's largest electrical engineering companies, Schneider Electric (PSU), gained 4 percent.

Elsewhere in the markets, Allianz (FALZ), Europe's No. 2 insurer, jumped 2.5 percent in Frankfurt, while the biggest insurer Axa (PCS) was down 1.5 percent in Paris.

Volkswagen (FVOW), Europe's biggest automaker, was up 1.7 percent higher, while DaimlerChrysler (FDCX) gained 1.8 percent in Frankfurt.

British Sky Broadcasting (BSY), Europe's second-largest pay-TV company, rose 2.6 percent. France's Thomson Multimedia (PHO) was up 4.4.

In Amsterdam the AEX index edged up 0.2 percent and the SMI in Zurich was 0.06 percent lower, while Milan's MIB30 index added 0.09 percent.

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In the U.S., stocks were higher at midday on Friday after data showed Americans are buying homes, feeling confident and largely staying away from the unemployment lines.

The Nasdaq composite index rose 0.4 percent to 1, 984.87, but the Dow Jones industrial average pulled back 12.10 points, or 0.1 percent, to 10,119.21, as investors unloaded consumer staple, tobacco and drug stocks.

Friday is the second-to-last trading day of the year.