Around the World's Markets
Tuesday 09 June 1998
Shares moved ahead strongly over a wide front. Footsie, for the first time since mid-April, topped 6,000 points, up 90.5 to 6,037.8. Second and third line shares also did well. Trading, however, was not heavy. New York's ebullient Friday performance and its continuing strength yesterday was mainly responsible for London's display. Banks led the charge, as investors anticipated more take over action on this side of the Atlantic following the latest US bank merger. Royal Bank of Scotland jumped 62p to 1,127p.
See market report, page 23.
Tokyo was listless as investors paused for details of the latest government stimulus package.
The Dow Jones Industrial Average closed dwn 8.22 to 9.176.72. The broader market improved, however, with the Standard & Poor's 500 climbing 3.37 to 1,30.54. Technology shares also advanced, sending the Nasdaq up 13.74 to 1,917.61.
Banks stocks took centre stage. The Dow Jones Industrial Average closed dwn 8.22 to 9.176.72. The broader market improved.
FRANKFURT was under pressure after Siemens issued a profits warning and the Xetra Dax Index finished 61.52 lower at 5,312.28.
The Dow Jones Industrial Average closed down 8.22 to 9.176.72. The broader market improved, however, with the Standard & Poor's 500 climbing 3.37 to 1,30.54. Technology shares also advanced, sending the Nasdaq composite up 13.74 to 1,917.61. Banks stocks took centre stage as Bank of New
Banks stocks took centre stage as Bank of New York launched.
Tokyo stocks ended slightly lower as the dollar broke above the 140 level and the approaching settlement of futures and options contracts on Friday scared many away from the market. The Nikkei average of 225 selected issues closed at 15,294.71, down 28.72 points, while the broader- based Toyko Stock Price Index of all first-section listed issues finished 3.58 points lower at 1198.36. Traders said the lack of activity was related to the yen falling to a new seven-year low.
Germany's DAX Xetra Index rose to a record high with investors optimistic that the Bundesbank will refrain from raising interest rates this week and as the US market continued to climb. Mannesmann, the German machinery and telecommunications company, led gainers after a 10-for- 1 stock split on Friday and before its planned share sale for 24 June to finance its European expansion in telecommunications. Germany's benchmark DAX Xetra Index of 30 companies rose 62.29 points, or 1.09 per cent, to a high of 5787.04.
French stocks rose on optimism profits will soar as companies grow through overseas expansion. That offset a decline by Elf Aquitaine SA after oil prices fell. The benchmark CAC 40 Index gained 19.53 points, or 0.5 percent, to 4204.58, its 37th record close this year.Computer services company Cap Gemini SA gained 49 francs to 912, the biggest rise on the CAC Index. The shares have gained 89 percent this year amid hopes that demand for its services will be boosted by the European single currency
New York stocks moved higher as news of another multibillion merger deal in the bank sector helped the market build on Friday's strong rally, when the Dow Jones surged 167 points to close above 9000 for the first time since May.
Worries about the direction of interest rates pressured bonds ahead of Wednesday's congressional testimony by Federal Reserve Chairman Alan Greenspan. But bonds continued to receive support from the strong dollar and its advance against the yen.
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