Al-Khateeb: Rate of Foreign tourists coming for recreational purposes soars 600% in 5 years    Saudi Arabia participates in OIC anti-corruption agencies' meeting in Qatar    Saudi Arabia implements over 800 reforms to drive rapid transformation    Al-Jadaan: Painful decisions were part of the reforms, but economy overcame them    Al-Swaha: Saudi Arabia is heading towards exporting technology in the next phase    Israel-Hezbollah ceasefire appears to hold as Lebanese begin streaming back to their homes    Al Rajhi: Saudi Arabia sets revised unemployment target of 5% by 2030 "300,000 citizens employed in qualitative professions"    Imran Khan supporters call off protest after crackdown    Five survivors found day after Red Sea tourist boat sinking    Russia launched a record number of almost 200 drones toward Ukraine    Al Hilal advances to AFC Champions League knockout stage despite 1-1 draw with Al Sadd    Saudi Arabia unveils updates on Expo 2030 Riyadh master plan at 175th BIE General Assembly Riyadh Expo Development Company established to oversee strategic planning, operations, and legacy development    Saudi FM attends Quadripartite meeting on Sudan in Italy    Best-selling novelist Barbara Taylor Bradford dies    Cristiano Ronaldo's double powers Al Nassr to 3-1 win over Al Gharafa in AFC Champions League    Al Ahli edges Al Ain 2-1, bolsters perfect start in AFC Champions League Elite    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Do cigarettes belong in a museum?    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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2 yrs
Published in Saudi Press Agency on 15 - 12 - 2006


European shares closed at their
highest level in 5-1/2 years on Friday, buoyed by a flurry of
takeover activity and supported by oil stocks as crude crept
back towards $63 a barrel, according to Reuters.
BAE Systems rallied after British prosecutors dropped an
investigation into past defence deals with Saudi Arabia, while
Portugal's Millenium bcp jumped as investors bet it could be
vulnerable to a takeover.
"The markets are in relatively good shape. We're seeing a
little bit of a year-end rally," said Thomas Muehlberger, fund
manager at Bayern Invest in Munich.
"Everyone is turning around his portfolio and a lot of
people were thinking it would be better to have a little bit
more exposure to equities. There's a lot of money looking for
returns."
The FTSEurofirst 300 index of top European shares climbed
for a 10th consecutive session, ending up 0.6 percent at 1,489.1
points, its highest close since May 2001.
The index rose 2.7 percent for the week and notched up its
biggest weekly points gain in almost five months.
The European index is up almost 17 percent since the start
of the year after a burst of takeover activity and a recent
string of economic data showing a resilient U.S. economy helped
European equity markets rebound from a seven-week low on Dec. 1.
"Equities have outperformed fixed-income securities, and
within equities Europe has outperformed other regions," said
Goldman Sachs strategists in a report.
"We forecast 11 percent total returns for European equities
in 2007."
MAKING HEADWAY
Equities held their ground after data showed U.S. consumer
prices held steady in November, confounding expectations of a
small rise, and raising expectations the Federal Reserve may
soon be able start cutting interest rates.
Oil stocks gained as crude oil headed back towards $63 a
barrel after OPEC agreed to cut supply for the second time in
two months. BP rose 0.5 percent, Royal Dutch Shell added 0.6
percent and BG rose 1.5 percent.
Construction stocks were also stronger, with Bouygues up 2.6
percent and Eiffage 2.5 percent higher.
BAE shares added 6.9 percent as British prosecutors dropped
a two-year corruption inquiry into deals with Saudi Arabia. BAE
had recently said the probe put at risk a BAE-led sale of
Eurofighter Typhoon jets to the oil-rich kingdom.
TAKING OVER
Tobacco stocks were in the spotlight after Japan Tobacco
Inc. agreed to buy British cigarette maker Gallaher Group Plc
for 7.5 billion pounds ($14.7 billion) in cash, the biggest-ever
foreign acquisition by a Japanese firm.
Gallaher shares were 0.3 percent lower, while Imperial
Tobacco gained 0.5 percent and British American Tobacco added
0.7 percent.
Takeover speculation also lifted shares in Portugal's
largest listed bank, Millenium bcp, by over 5 percent, as
traders bet the sale of a stake in the bank by Banco BPI could
make it vulnerable to a takeover.
In other takeover stories, KKR and Permira agreed to buy a
controlling stake in German broadcaster Prosiebensat.1, whose
shares rose 0.5 percent.
Shares of France Telecom gained 1.7 percent after the
operator reiterated its 2006 financial targets and said it
expected cash flow to remain at the same level as 2006 next year
on a like-for-like basis.


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