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Eurostocks Gain on Tech, Economy Relief, Iraq Eyed
Friday, September 6, 2002
(2:52 PM ET)
By Paul Richardson
Reuters

"There is a lot of uncertainty about Iraq. Things are looking a bit more explosive this time because there is less agreement on what to do. I expect the overall uncertainty to continue. Any good news recently has been used as an opportunity to sell and we should see the same again next week."

LONDON -- Reuters
European blue chip shares ended firmer on Friday, buoyed by resurgent tech stocks and pleasing U.S. economic data, but there were lingering worries about the possibility of an attack on Iraq.

Tech sector stalwart Ericsson <ERICb.ST> was among the day's biggest gainers after a successful rights issue, while media titan Vivendi Universal <EAUG.PA> rallied as investors warmed to the prospect of further asset sales.

Chip-related stocks such as Infineon Technologies <IFXGn.DE> and ASML <ASML.AS> also drew strength from news overnight that Intel (nasdaq: INTC - news - people), the world's largest chipmaker, had set its revenue target in line with expectations to the relief of investors who had feared bad news.

The FTSE Eurotop 300 index <.FTEU3> of pan-European blue chips ended up 3.2 percent at 928.33 points, while the narrower DJ Euro Stoxx 50 index <.STOXX50E> added 4.25 percent to 2,618.18 points.

Despite the gains, the Eurotop 300 index was down 3 percent for the week. It has lost nearly half of its 20 percent rally from five-year lows of July 24.

* IRAQ FEARS
* ERICSSON RIGHTS RELIEF
(More: Company News Source)
2002 © Reuters, Ltd.

Dan