MOST European markets ended the week with net losses in spite of a further round of Wall Street-inspired gains yesterday.
Frankfurt closed with the Xetra DAX index up 126.96 at 7,710.92, off an intra-day peak of 7,834.54 and down 3.3 per cent on the week.
BMW provided some of the sharper swings, surging initially but finishing deep in the red as investor enthusiasm for the withdrawal from large parts of its loss-making Rover offshoot gave way to uncertainty. The stock, heavily dealt with 28.8 million shares changing hands, ended down €1.76, or 5.5 per cent, at €29.99 after hitting a best-of-session €33.09 soon after the opening.
Sentiment was weak across the sector. DaimlerChrysler lost 81 cents at €69.04, Volkswagen 59 cents at €43.99 and Porsche 1 75 cents, or 6.1 per cent, at €2,705.
Technology stocks rallied, with Deutsche Telekom gaining €2.30 to €86.50 and Siemens up €7.49 to €159.99.
Paris saw more decliners than risers on the blue-chip index, but it was pulled upwards by France Telecom. This volatile stock, which accounts for 17 per cent of the index, was up nearly 7 per cent after speculation that it may increase its stake in Italian communications company Wind. France Telecom rose €12 to €187 and the CAC-40 index was up 45.75 to 6,304.28.
One of the biggest losers was Sanofi-Synthelabo, down 5.4 per cent or €2.25 to €39.75 after its new cancer drug was turned down by the US Food and Drug Administration. BNP downgraded its recommendation on the stock.
Milan closed higher for the second consecutive day, bolstered by more gains on Wall Street. Trading volumes set a record high of 7.5 billion as the March futures contract expired. The Mibtel index rose 493 to 33,665.
