Europe's markets edged up slightly, but stock price movements were subdued compared with recent days. Technology shares had to contend with a cut in forecasts at JDS Uniphase and a pessimistic statement from Intel.

However, one of the day's winners was software-maker SAP, up 2.6 per cent in late trading at €166.20. Mobile handset-maker Nokia's shares took a dip of 6 per cent at mid-session after a downgrade from Lehman Brothers was followed by renewed rumours that the company was about to issue a profit warning. Lehman Brothers downgraded Nokia from "buy" to "market perform" and lowered its price target from €30-€35 to €28, saying its move was based on comments from Samsung and Texas Instruments that Nokia was aggressively cutting its prices. Nokia's shares ended 2.8 per cent lower at €28.03.

Dutch optical cable company Versatel reported a lower than forecast loss for 2000, announced 300 job cuts and predicted strong revenue growth for 2001. Its shares initially jumped 5 per cent but later fell back to close unchanged at €11. The Dutch IT services company Landis fell sharply for a second day. ING Barings cut its recommendation on the shares from `buy' to `hold'. At the close they were down 13.5 per cent at €10.30, having fallen 13 per cent the day before.

German software company Gauss Interprise, listed on the Neuer Markt, leapt more than 20 per cent after the company said a fresh injection of funds should allow it to break even in the fourth quarter. The shares were 18.5 per cent up at €2.69 in late trade.

German industrial group SGL Carbon fell 4.4 per cent to €59.40 after reporting a net profit of €9 million, well short of analysts' expectations. SGL, a leading producer of graphite electrodes for steel production, made a net loss of €38 million in 1999 amid provisions for price-fixing charges.