EQUITIES continued the recovery but failed to hold their best levels. Footsie, at one time 52.8 points higher, ended a subdued session 23.3 up at 5,229.9. Supporting shares also made headway.
The star performer was Reuters, the information group. The shares jumped 47.5p to 517.5p after a third-quarter statement indicated that screen sales were holding up. Poor figures from ICI were shrugged off following signs that the year's dividend will be held: the shares rose 7.5p to 506.5p. Derek Pain, page 25
THE NIKKEI index closed higher for the fifth successive day, up 79.23 points at 14,295.56, after the successful float of the mobile phone operator NTT DoCoMo.
More than 20 million investors subscribed for shares, which raised 2.13 trillion yen (pounds 10.7bn), making it the world's largest public share offering and Japan's third-largest company. The shares closed at 4.65m yen (pounds 23,180), up 19 per cent on the offer price. Nissan Motor gained another 12 yen to 376 yen, up nearly 30 per cent from its low point earlier this month.
PRICES ENDED the day slightly down, with the CAC-40 index down 19.86 points at 3,420.92, 69 points below the day's high. Traders blamed unchanged interest rates and early losses on Wall Street.
Alcatel closed 7 lower at Ff540 francs and France Telecom was down 4.5 at Ff399. Bank shares lost initial gains and weakened in sympathy with Bankers Trust, which reported a third-quarter loss of $488m. Renault closed 8.20 down at Ff205 and Peugeot 38 lower at Ff865.
SHARE PRICES fell back in Frankfurt on profit taking after the Bundesbank council left interest rates unchanged at its fortnightly meeting. Bank shares suffered, with Deutsche down DM2.4 to DM102.6. The weakening dollar also undermined shares in exporting companies, with VW dipping DM4.55 to DM119.2.
Deutsche Telekom fell DM2.35 to DM46.75 after a report, denied by the company, that it had cut its internal profit forecasts for 1999. Rival Mannesman was pushed DM11.6 higher to DM158.7.