Around the World's Markets

LONDON

FOOTSIE closed higher for the fourth day. After a volatile futures and options expiry the market settled down and blue chips moved steadily ahead. The index closed 56.7 points up at 5,741.9 but the supporting indices made much more restrained progress. BSkyB remained under pressure as more analysts cut profits estimates. The shares fell 15.5p to 465p. SmithKline Beecham, the drugs group, was also weak on talk it did not intend to barge into the Astra/Zeneca merger.

Derek Pain, page 21

TOKYO

TOKYO STOCKS closed firmer on Friday, shrugging off the air raids on Iraq and reports of a shoot-out between a North Korean submarine and South Korean forces. The Nikkei 225 closed up 67.3 points at 14,194.29.

The overnight rally on Wall Street helped, as did news that the troubled builder Haseko has announced restructuring plans which will involve creditor banks writing off 394bn yen of its debts. Haseko shares inched up 3 yen to 62, although Mitsui Trust & Banking, one of the key lenders, saw its shares fall.

PARIS

THE CAC-40 Index ended down 59.28 points, or 1.58 per cent, at 3691.89 and down slightly on the week. There was little enthusiasm from investors, given the backdrop of possible impeachment for President Clinton, the Iraqi attacks and the forthcoming euro conversion. Share prices were also dragged down by weakness in oil stocks and in France Telecom.

Elf and Total contributed to about one fifth of the market's decline as Brent crude prices remained weak.

FRANKFURT

THE XETRA DAX gave up earlier gains to finish the day down 1.38 per cent at 4666.74, depressed by lacklustre trading in New York and falling bank shares. Dresdner Bank led the banks down, with its shares falling nearly 3 per cent on the day, ending their recent strong upward run.

The dominant news in the market was the announcement of a share swap between the two giant insurance groups Munich Re and Allianz. Munich Re's shares rose 2.5 per cent and Allianz was down 0.6 per cent on the day.