London Gauges Notch Records for Second Day, While Tokyo Stocks Slip, Though at High Levels
AuthorAffiliation A Wall Street Journal News Roundup</br></br>Semiconductor stocks were the top gainers in the Dow Jones World Industry Groups, closing at 321.20, up 13.59, or 4.4%, with Intel of the U.S. posting a 7% gain. Fishing stocks trailed at 89.04, down 3.21, or 3.5%, with Nippon Suisan of Japan sliding 5.9% in local currency.</br></br>In London, the Financial Times-Stock Exchange 100-share index zipped up 34.8 points to a second-consecutive record, 3825.3, which also was the intraday peak, up sharply from the session low of 3798.8. The FT 250-share index also logged its second high in a row, finishing at 4458.5, up 41.8 points. The FT 30-stock index climbed 21.2 points to 2845.3. Provisional volume was 809.3 million shares, compared with 639.6 million shares a day earlier.</br></br>The London market got a boost from Wall Street's Monday rebound, positive economic data and expectations of more British corporate takeover bids. With companies posting strong earnings and raising dividends, and stocks outperforming bonds, bullishness spread among individual and institutional investors. Gains were logged across the board, paced by retailing and property issues. Fresh takeover rumors focused on the water sector.</br></br>In Frankfurt, prices edged down from the previous day's record; the DAX 30-stock index fell 7.56 points to 2538.38, damped by a softer dollar against the mark and mixed expectations about German corporate earnings reports. In Paris, stocks advanced, buoyed by purchases by foreign investors and by a higher opening on Wall Street. In Amsterdam, shares ended mixed to softer, supported by the bond market and positive sentiment after new highs were set a day earlier.