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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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