European shares climb

Published June 24, 2006

LONDON, June 23: European stocks rose on Friday as the energy sector was lifted by positive broker comments despite overnight losses on Wall Street, dealers said.

London's FTSE 100 index of leading shares added 0.20 per cent to 5,695.50 points, Frankfurt's DAX 30 index firmed 0.06 per cent to 5,536.53 points and in Paris the CAC 40 gained 0.39 per cent to 4,821.97.

The DJ Euro Stoxx 50 index of leading eurozone shares won 0.17 per cent to 3,550.88 points. The euro stood at 1.2560 dollars.

Wall Street shares had lost ground Thursday as the latest economic news failed to calm jitters about next week's Federal Reserve meeting on interest rates.

Japanese share prices closed little changed on Friday, recovering from early losses in cautious trade after the weak US performance, dealers said.

Shares in French oil giant Total and Italian group Eni soared on Friday as Deutsche Bank lifted its earnings-per-share forecasts by 20 per cent.

In Paris, Total jumped 1.44 per cent to 49.48 euros, while in Milan, Eni stock surged by 1.23 per cent to 22.21 euros.

London-listed oil majors also benefited, with BP adding 1.49 per cent to 419.5 pence, while Royal Dutch Shell saw its 'B' shares gain 1.39pc to 1,820 pence.

The ports sector was also in focus in Britain.

A consortium led by US bank Goldman Sachs on Friday upped its recommended offer for AB Ports, the biggest British port operator, to 2.795 billion pounds (4.07 billion euros, $5.12 billion).

However, a rival consortium led by the Australian Macquarie Bank urged shareholders to sit tight while it considered its position, raising the prospect of a bid battle.

The share price of AB Ports leapt 3.52 per cent to 912 pence, while London's second-tier FTSE 250 index, on which it trades, rose 0.08pc to 9,200.20 points.

Back on Wall Street Thursday, the Dow Jones Industrial Average slipped 0.54 per cent to 11,019.11 points and the Nasdaq composite shed 0.85 per cent to 2,122.98 points.—AFP

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