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Monday, January 4, 1999 Published at 18:12 GMT
Business: The Markets
European markets report
![[ image: ]](/olmedia/95000/images/_97900_eure150.gif) |
The first day of trading in 1999 and bullishness about a positive start to the euro lifted sentiment across European equity markets.
Frankfurt
Shares surged higher, buoyed by liquidity that had been blocked since late December as institutional investors closed their books earlier than usual to prepare for the euro.
The Xetra Dax closed 283.79 points higher at 5290.36.
"The market is very, very firm," said Markus Mages, who is in institutional sales with HypoVereinsbank in Munich. "Every year, there is enormous liquidity at the beginning of the year but this year, the introduction of the euro boosted the liquidity inflow," he added.
But with little corporate news, traders found it difficult to explain the erratic price movements in some of the Germany's blue chips.
Paris
French shares soared as investors greeted the start of trading in the euro with enthusiasm.
The Cac 40 finished the day 204.84 higher at 4147.50.
Traders say the euro's arrival distorted trading because many players had lost their traditional benchmarks for measuring the market's performance, and must get used to lower nominal share price denominations on the Paris bourse.
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