BLUE CHIPS moved ahead for the third consecutive session with Footsie closing 54 points higher at 5,858.9. The index, with financials strong, was at one time up 81 points. Second-liners ended an 11-day decline as the mid cap index recorded a 21.3 gain to 5,527.7.
Although the Asian crisis continued to damage some shares, such as Rolls- Royce, off 10.5p to 236p, sentiment was helped by hopes that President Clinton's visit to China will bring some stability to the Far East.
Derek Pain, page 23
BLUE CHIPS ended barely higher yesterday as investors snuffed out an early rally and halted the week's gains in technology stocks.
The Dow had briefly edged above 9,000 points in mid-session, but ended up just 11.71 points at 8,935.58, well below the day's high of 9,025. The Standard & Poor's 500-company index fell 3.60 points to 1,129.28 after a record high close in the previous session. The Nasdaq index ended off 14.49 points at 1,863.27, ending four successive days of gains.
THE JAPANESE stock market was little changed yesterday as participants waited for more details of how the government would help bail out the nation's troubled banking system.
Yen weakness and an overnight rally in New York tech shares helped support Japan's high-tech exporters for a second day. The Nikkei 225 average rose 9.04 points, or 0.06 per cent, to 15,132.22. For a second day, Long- Term Credit Bank of Japan was the most actively traded issue. The bank briefly fell to 50 yen before recovering to 58.
FRENCH STOCKS edged higher yesterday, led by Rhodia after the world's third-biggest chemicals company traded for the first time after its spin-off. Banks also advanced on profit optimism.
The CAC 40 Index rose 77.48 points, or 1.88 per cent, to 4203.81, the biggest gain in six sessions and just 4.79 points off its record high. Rhodia gained 30 francs, or 21 per cent, to 170 on its first day of trading after Rhone-Poulenc sold 33 per cent of the company at 140 francs a share in an initial public offering.
THE DAX Xetra Index surged to a closing high yesterday, led by carmakers Daimler-Benz and BMW, and boosted by gains in the US stock market.
The index rose 102.31 points, or 1.77 per cent, to 5886.71, surpassing the closing high of 5799.22 reached on June 10. In floor trading, the DAX Index of 30 leading shares surged 86.72 points to an all-time high of 5866.63. Daimler-Benz gained 5.65 marks to 177.2. Daimler is benefiting as the subscription period for its new shares ended, traders said.Reuse content