Around the World's Markets: Frankfurt

A SURGE in banking shares helped offset a fall in telecom stocks on the Frankfurt market yesterday.

The benchmark Xetra Dax finally closed up almost 1 per cent at 5,226.64, with gains in Deutsche Bank accounting for a large proportion of the rise. Deutsche Bank closed up over 5 per cent at 50.76 euros amid hopes of solid results from merger partner Bankers Trust.

Shares in Deutsche Telekom fared less well, finishing more than 2 per cent lower amid jitters over its merger with Telecom Italia.