European bourses maintained their record run, sending the FTSE Eurobloc 100 index up 0.8 per cent to a best-ever 1,196.40. The FTSE Eurotop 100 index gained 0.8 per cent to 3,306.18 and the broader FTSE Eurotop 300 index added 0.6 per cent at 1,420.66.
Frankfurt racked up another high for the year thanks to a supercharged performance from Thyssen Krupp. The Xetra Dax index finished with a gain of 50.23 at 5,909.52.
Diversified engineer Thyssen Krupp rocketed to a session peak of €24.30 on news of group plans to float off steel operations and spend heavily over the next three years. The shares ended €2.60 or 12.3 per cent better at €23.70.
Mannesmann stayed firm, adding €4.67 at €207.65 in spite of legal moves by the group to block a planned takeover attempt by Vodafone AirTouch. The shares have risen almost 36 per cent in seven sessions.
There was initial disappointment at Bayer's third-quarter results statement, but the stock ended firmer following assurances about trading next year plus news of a $2.45 billion US acquisition. Bayer ended €1.19 higher at €40.84 after touching a low of €39.16 in early trading. BASF gained €1.99 at €43.60.
Paris extended its winning streak, rising to a record high for the 13th consecutive session, but the rally appeared to be running out of momentum.
The CAC-40 index closed up 12.88 to 5,191.01, a rise of just 0.25 per cent. It also failed to top Monday's intraday record of 5,199.11. France Telecom fell after ABN-Amro lowered its 1999 earnings per share forecast, citing disappointment over non-core businesses. France Telecom shares closed down €1.90 to €100.90. Overall, however, gainers led losers 20 to 16. Energy and transport group Alstom fell €1.20 or 4.4 per cent to €25.90.
Amsterdam broke through to a record high on the AEX index which ended up 4.40 at 604.11. Oil price strength continued to underpin Royal Dutch, lifting the shares €1.67 to €61.80. Philips ran up against profit-taking, losing €2.40 at €112.70.
Trading group Hagemeyer had another strong day following Monday's $200 million US takeover. It gained €1.75 to €23.85 for a two-day rise of 9 per cent. Telecoms leader KPN added €1.67 at €61.80.
Madrid pushed to its highest closing level of the year. The all-share general index ended up 5.33 at 937.19. Banco Santander Hispano Central, the biggest bank, was up 16 cents to €11.10.
Milan saw a subdued performance by Internet and utility stocks, but solid gains elsewhere in Europe and on Wall Street helped lift the broad market. The Mibtel index finished 82 higher at 23,935.
Stockholm forged to another life-time high, powered by a late rally in telecoms giant Ericsson. The general share index rose 47.55 to 4,485.95.
