Record highs for a number of European bourses sent the FTSE Eurobloc 100 index up to its best ever level. The benchmark rose 0.3 per cent to 1,150.89. The FTSE Eurotop 100 index added 0.7 per cent at 3,181.63 and the FTSE Eurotop 300 index 0.5 per cent at 1,376.38.
Paris racked up a record close for the eighth day running, adding 2.79 at 4,997.56 on the CAC index after touching as best of session 5,057.61.
Telecoms leader Alcatel added €1.60 at €157 ahead of today's third-quarter statement and with buyer interest stimulated by talk that Alcatel was to bid for Newbridge Networks of Canada. Talk of assets swaps with BP Amoco and Royal Dutch added extra gloss to TotalFina. The shares, also boosted by good results news from the industry, ended 70 cents better at 124.10.
What were widely seen as positive nine-month sales sent hotels group Accor up €9.60 at €220.9. Air France eased 4 cents at €15.90.
Seita, the tobacco group which announced plans to merge with Tabacalera of Spain, fell €3.50 or 6.2 per cent to €53.30 after Irish-based Gallaher abandoned an earlier decision to enter the bidding.
LVMH gave up €2.90 at €314.8 in spite of broad broker approval for the luxury goods leader's third-quarter results. Lehman Brothers upgraded earnings estimates for this year and next by 3 per cent. Cap Gemini, hit hard by last week's sales warning, scrambled to catch up with the latest surge for tech stock, gaining €4.10 at €149.
Frankfurt ended 46.79 higher at 5,694.73 on the Xetra Dax index, pulled along by a strong performance at Deutsche Telekom which ended at a record high.
The buyers moved in at Deutsche Telekom amid reports that the group was to retain a larger slice of the cable operations it has put up for sale than had hitherto been expected. The shares added €1.56 at €48.69.
Mannesmann, in contrast, fell back, unwinding some of the strong gains made on the successive waves of take-over talk that have lately washed over the shares. The stock shed €3.10 at €162.50.
Amsterdam added 1.26 to 583.39 on the AEX index with most of the driving force coming from a 3 per cent advance at market heavyweight, Royal Dutch. Bumper third-quarter earnings from BP Amoco and the news that Kuwait was to extend its oil production curbs beyond next March sent Royal Dutch up €1.65 to €56.55. KLM met with steady selling in the wake of distressing six-month results from British Airways. The shares fell €1.23 or 4.6 per cent to €25.60.
