Euro stocks upbeat on Wall St

LONDON: European stock markets closed generally higher yesterday following a positive start to trading on Wall Street.

London??™s FTSE 100 index of leading shares edged up 0.04% to 6,129.20 points and Frankfurt??™s DAX 30 index added 0.17% to 6,268.92 points, while in Paris the CAC 40 index gave up 0.25% to 5,348.73.

The DJ Euro Stoxx 50 index of top eurozone shares was unchanged at 4,004.80 points.

As European markets closed, the Dow Jones Industrial Average had gained a slight 0.07% to 12,094.98 points in New York and the Nasdaq Composite of technology shares was up by 0.41% at 2,373.47 points.

The broad Standard & Poor??™s 500 index showed a gain of 0.09% at 1,379.13 points.

In London, Friends Provident soared to the top of the FTSE 100, jumping 6.70% to 207 pence after the life insurer revealed better-than-expected new business figures alongside ambitious new targets.

The group said third-quarter life pensions and new business sales rose by 40% to ??1.597bn (2.388bn euros, $3.031bn).

Meanwhile, shares in the oil group BP fell 1.44% to 583 pence on the publication of a US report that said the company was aware of problems at its Texas City refinery two and a half years before an explosion there killed 15 people in March 2005.

Royal Dutch Shell slipped by 0.32% to 1,892 pence on falling crude oil prices while French oil major Total gave up 0.56% to 53.05 euros.

In Paris however, all eyes were on the pharmaceutical group Sanofi-Aventis, which tumbled 2.77% to 66.60 euros after announcing a fall in net profit in the third quarter, pointing to a slump in sales of heart drug Plavix.

The group, the third-biggest drug maker in the world, said that net profit fell by 11.6% from the figure for the third quarter of last year to 1.7bn euros ($2.15bn).

In Frankfurt, DaimlerChrysler stock jumped 3.11% to 44.70 euros on press speculation that the automaker might spin off its US division.

In Amsterdam, the AEX index fell by 0.28% to 486.57 points, the Swiss SMI was down by 0.96% at 8,569.72, in Milan the SP/Mib added 0.45% to 39,558, in Madrid the Ibex-35 gained 0.29% to 13,753 and in Brussels the Bel-20 closed 0.15% higher at 4,144.38.

The dollar fell to a five-week low against the euro in London following publication of indicators measuring US consumer confidence and industrial activity that were below expectations.

The single European currency in late day trade was at $1.2772 against $1.2724 late Monday in New York. The euro at one point hit $1.2782, its best showing for five weeks.

The dollar was meanwhile trading at ??116.84 after ??117.46 on Monday.

The pound was being traded at $1.9085 from $1.9012 on Monday.

On the London Bullion Market, gold prices fell to $603.75 per ounce from $608.50 late on Monday. ??“ AFP