21 Mar 2009

European shares up

7:50 am on 21 March 2009

European shares closed higher after a choppy session on Friday.

The FTSEurofirst 300 index of top shares closed 0.4% higher at 717.88 points.

Energy stocks rose as crude oil stayed above $US51 per barrel following the Federal Reserve's plan to pump another $US1 trillion into the US economy. Miners also rose as copper gained 0.4%.

However, Sony Ericsson said it would sell barely half of the phones it sold last quarter. Ericsson lost 9.8% and Nokia was down 6.2%.

In Frankfurt, the DAX index ended at 4,068.74 points, up 25.28 or 0.63%.

In Paris, the CAC-40 index closed at 2,791.14 points, up 14.15 or 0.51%.

The Swiss market index closed at 4,787.17 points, down 7.46 or 0.16%.

In Milan, the All Share Mibtel index closed closed at 12,113 points, up 123, or 1.03%.

In London, the FTSE 100 gained 25.92 points, 0.68%, to 3,842.85.

Other markets

Markets in Japan were closed for a national holiday for Spring Equinox.

In Hong Kong, the Hang Seng Index ended 297.41 points lower, 2.26%, at 12,833.51.

In Australia, the S&P/ASX 200 index lost 14.4 points, 0.41%, to 3,465.8. The All Ordinaries was down 11.4 points, or 0.33%, to 3405.4.

In New Zealand, NZX top 50 index was down 34 points, or 1.3%, to 2599 on turnover of $76 million.

Top stocks were mixed: Telecom was down 12 cents to $2.33, Contact Energy was up 6c to $6.10 and Fletcher Building gained 20c to $6.12.

Air New Zealand lost 2 to 88c. Nuplex shares fell 56c to close at 51c

The New Zealand dollar was trading at 55.73 US cents, 81.09 Australian cents, 38.46 pence, 52.66 yen and 0.4077 euro. The Trade Weighted Index was at 55.12.