European blue-chips were treading water on Friday following six straight higher closes, as investors betting on a second-half economic recovery
Published:
17 August 2003 y., Sunday
European blue-chips were treading water on Friday following six straight higher closes, as investors betting on a second-half economic recovery pushed up shares in cyclicals like French building firm Lafarge.
Consumer products companies, chemicals and auto makers also gained, but heavyweight German financial Allianz fell as brokers downgraded the stock after its result on Thursday.
Key indices hit eight-month highs earlier in the session, breaking out of the range they had been trapped in for two months following a spectacular surge between March and June. Defensive sectors such as oils and utilities weakened as portfolios were re-weighted, though trade was thin due to Assumption Day public holidays in many Continental European countries.
The Eurotop 300 earlier hit 897, its highest point since December 9 last year and taking its rally since the six-year low in mid-March to 32 percent.
The DJ Stoxx 50 topped out at a high of 2,566, up 39 percent over the same period, buoyed by a generally strong performance during the mid-year reporting season, which is now starting to wind down.
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