Deutsche Telekom Helps Euro Stocks
LONDON (AP) _ European stocks finished mostly higher Tuesday, buoyed by Deutsche Telekom boosting Frankfurt’s Xetra-DAX Index to a record close.
The DAX index rose 3.5 percent to close at an all-time high of 7,549.88 and notched up its highest intraday levels ever, as investors switched into heavyweight Deutsche Telekom. It will be the only telecom share in the index after the removal of Mannesmann, which has been acquired by Britain’s Vodafone AirTouch for $180 billion.
Reuters Group led a surge in media shares across the region. News and data provider Reuters said Tuesday it’s migrating onto the Internet, planning to spend $800 million over the next four years and link businesses in new joint venture companies.
Shares of Reuters rose to new highs, ending up 232 pence, or 23 percent, at 1,239 pence.
The DAX’s gains led the Dow Jones Euro Stoxx Index, which tracks companies in countries that joined the single currency. It was up 10.51 points, or 2.5 percent, to 438.60 and the Dow Jones Euro Stoxx 50 Index was up 139.4 points to 5,180.5.
The Dow Jones Stoxx Index of shares in over 600 European companies rose a more modest 8.40 points, or 2.2 percent, to 382.60, while the Dow Jones Stoxx 50 Index rose 124.4 points to 4,854.6.
The media sector index surged 5.5 percent, while telecoms ended up 5.0 percent and technology up 2.9 percent.
London’s FTSE-100 Share Index rose 167.2 points, or 2.7 percent, to 6,285.8 on provisional volume of 3.0 billion shares.
In other domestic markets, the Paris CAC-40 Index ended up 1.5 percent to 6,297.66, while Milan’s MIBtel Index was up 3.0 percent to 30,968 and Amsterdam’s AEX Index up 2.3 percent to 667.66.