Around the World's Markets: Frankfurt

GERMAN SHARES followed Wall Street down, giving up early gains to end flat but above the key 5,600 points level. The Dax closed down 0.01 per cent at 5,619.94 points.

Dealers said the Dax would move within a limited range next week as it consolidated further after recently rising to a fresh year high.

Shares in Deutsche Telekom, the session's most traded stock, were 0.25 per cent lower at 40.50 euros after Spain's Telefonica denied the two were in merger talks.