The technology sector and the European markets in general tookcomfort from Nokia's reassuring comments about its outlook, whichaccompanied its fourth-quarter earnings figures. Nokia's sharesjumped 10 per cent to euro 26.95 after it said it expected itsmarkets to recover as the year goes on and stuck to its forecastthat sales would grow 15 per cent in 2002. But it said sales andprofits in the first three months of the year would weaken, in linewith the industry in general. Its shares have risen 70 per centsince September 11th, beating other European companies in thesector.
Yesterday Ericsson was a slowcoach, rising just 4.4 per cent to49.70 Swedish krone after Nokia downgraded its forecast for thenetwork market, which represents more than 70 per cent of Ericsson'srevenues, compared with 30 per cent for Nokia. Alcatel rose 4.8 percent to euro 17.50 and Philips rose 4.3 per cent to euro 31.85.
Italian internet-focused bank Bipop-Carire was sharply higherafter the overnight announcement of a merger and restructuring planwith blue-chip Banca di Roma. Bipop put on 6.2 per cent at euro1.80. Roma put on 1.5 per cent to euro 2.38.
Deutsche Post was a loser after a press report said the postaland logistics group faced an increase of almost euro 500 million inits tax bill. The shares fell 3.6 per cent to euro 15.17.
Motor stocks moved in a tight range. DaimlerChrysler rose 0.6 percent to euro 47.08 ahead of a preliminary 2001 profit statement. Thecompany said it was on track to hit the bottom end of its earningstarget for 2001. But Porsche jumped 3.4 per cent to an all-time highof euro 469.50 continuing its rise on the back of strong pre-taxprofit figures.
German airline Lufthansa was down again, shedding 1.1 per cent toeuro 17.50 on continued fears of a possible strike at its regionalairline CityLine and pressure of heightened competition from low-cost carriers.
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