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Stockwatch Daily: Europe rises on results successes

...but the markets aren't getting carried away...

By Sonya Rabbitte

Published: 19 July 2001 10:00 BST

Across Europe markets got off to a good start this morning as both IBM and SAP reported healthy results.

Both companies met lowered expectations and reported profits increases on the same quarter last year.

The FTSE opened 0.2 per cent up, Frankfurt's Dax was up 0.5 per cent and the CAC 40 in Paris rose 0.6 per cent.

However, IBM's warning that it might not meet second half targets affected tech stocks as trading got under way, with Logica, Vodafone and C&W all taking a dive. UK software group Misys dropped 23.5 per cent after the company warned about declining customer orders.

Trading is expected to remain shaky throughout the morning as investors wait on second quarter results from Nokia, due out at 10.00(BST), which are expected to be down on last year.

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