Frankfurt Dax 2477.81 (+7.47)

German shares were static in after hours electronic trading with no fresh date to push the market much further, and with the neutral opening in Wall Street having no effect. The main story on the day was the announcement by Allianz that it expects double digit earnings growth in the current year, even though this growth will be well down on the 34 per cent earnings growth in 1995.

Paris CAC-40 1961.10 (-1.76)

The French market closed slightly weaker but off its lowest level. The softness in bond markets and a lack of interest due to holiday absences added to the sense of drift on a generally listless day. The market did hold above a key support level of 1960 for the CAC.

Milan MIBTEL 9489 (-89)

Italian shares ended almost 1 per cent lower, just off the session low, in a thin lethargic market. Olivetti was the most active share, slumping on pessimistic broker forecasts for the future prospects of its personal computer business.