Around the World's Markets: Paris

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STOCKS CLOSED down yesterday, reversing their brief surge as US markets headed lower, while the CAC-40 was also dragged down by losses in France Telecom. The index ended down 0.43 per cent at 5,373.91, after earlier hitting a new peak of 5,443.23.

Hotel group Accor was the top gainer, ending up 7 per cent on news that it has sold its 50 per cent stake in Europcar to Volkswagen for 204m euros. Analysts say the move focuses attention on the hotel and services sectors.