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Today, 19 May 2008

Yesterday, 18 May 2008

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» Who will 'own' CT stadium?

European stock exchanges ended the day in positive territory on Friday, powered by strong performances from British Airways, British Energy, Total and Sanofi-Aventis and despite a weak start to trading on Wall Street.

The London FTSE 100 index gained 0.84 percent to close at 6304.30 points, while in Paris the Cac 40 rose 0.41 percent to 5078.04. The Frankfurt Dax added 1.07 percent to finish at 7 156.55.

The Euro Stoxx 50 index of leading eurozone shares added 0.21 percent to close at 3862.91.

On Wall Street, the Dow Jones Industrial Average was down 0.45 percent at 12 934.53 in mid-afternoon trade while the Nasdaq composite had fallen 0.55 percent to 2519.68.

Analysts said investors were nervous about the oil market, where the price of a barrel of crude earlier in the day soared above $127 for the first time.

Also weighing on sentiment in New York was news that the University of Michigan consumer confidence weakened to 59.5 in May from 62.6 in April, a lower reading than had been expected by the market.

Analysts said the reading reflected consumer reaction to rising oil prices, increased joblessness and lower real estate values.

Across Europe, all eyes were on nuclear power operator British Energy, which on Friday said it had received several offers from parties interested in the company as Britain prepares major new atomic energy investment.

Recent British press reports have said state-owned French power company EDF had submitted an offer for British Energy and bought land near two existing nuclear sites in England and Wales.

Friday was the deadline for bids for the British government's 35.2 percent stake in British Energy, which provides nearly 19 percent of the country's electricity. It owns and operates eight nuclear power stations.

German power giants RWE and E.ON plus Spain's Iberdrola have also been named as possible bidders. Any company bidding for the government's stake must table an offer for the rest of British Energy under takeover rules.

In London British Energy shot up 5.22 percent to 715.50 pence.

Another big winner was British Airways, which added 4.02 percent to close at 233 pence after announcing that its annual net profit more than doubled as it cut costs to help offset record high fuel prices.

In Paris oil group Total rose 2.53 percent to 56.44 euros, taking advantage of another record run on the oil market.

Pharmaceutical giant Sanofi-Aventis added 2.22 percent to finish at 47.46 euros on positive clinical tests for its anti-arythmic heart medicine Multaq.

France Telecom fell 0.27 percent to 20.43 euros, failing to take advantage of an announcement by its mobile phone unit Orange that it was to market the iPhone in Europe, the Middle East and Africa.

In Frankfurt Lufthansa gained 1.96 percent to close at 17.16 euros, carried aloft by the strong showing by British Airways.

Energy group RWE added 0.45 percent to finish at 77.61 euros. The company had no comment on reports it could be interested in bidding for the British government stake in British Energy.

Elsewhere there were gains of 0.44 percent to 34 364 on the SP/Mib in Milan and 0.18 percent to 490.78 on the AEX in Amsterdam.

The Swiss Market Index fell 0.39 percent to 7653.71, the Bel-20 in Brussels shed 0.07 percent to close at 3798.99 and the Ibex-35 in Madrid gave up 0.43 percent to end the week at 14 124.8.