In London equities markets on Tuesday, good news in the pharmaceuticals sector helped the FTSE 100 to gain 0.5 percent to 5,255.8. The FTSE 250 was up as well, by 0.3 percent to 7,722.4. Volume amounted to 2.2 billion shares traded.

AstraZeneca gained 2.1 percent to £25.31 on the news that a study out of the University of California at Los Angeles showed that treatment by a cholesterol-lowering statin in the first 24 hours after a heart attack lowers the risk of mortality by 4 percent.

AstraZeneca’s statin drug, Crestor, currently has a current 6 percent market share for statins in the US, and investors hoped that the study will help the company reach its target of gaining 20 percent of the market.

Also in the pharmaceuticals sector, GlaxoSmithKline gained 1.8 percent to £13.32 on reports that it may be one of the bidders for Boots’s Healthcare International.

Higher crude oil prices sent oil shares up, as BP gained 2 percent to 622p and BG Group was up 2.1 percent to 492p. Steel company Corus added 2.2 percent to 47¼p when Morgan Stanley raised the forecast for the company’s earnings per share this year by 8 percent to 9.6p.

Meanwhile, toy company Character Group gained 15 percent to 57½p on the news that its new Doctor Who toys, including a radio-controlled Dalek, will be in the shops this week.

In the London equities markets, both the FTSE 100 and the FTSE 250 finished both the day and the week on a positive note. The FTSE 100 gained 0.4 percent on the day and 0.9 percent on the week to 5,407.9 at the close of trade on Friday. The FTSE 250 was up 0.4 percent for the day and 0.6 percent for the week to 7,901.6.

Volume was a very high 4.1 billion shares traded, explained by a double witching hour in which both stock options and index futures on the main index expired.

Miners were up on the day as gold reached a 17-year high. BHP Billiton and Anglo Pacific each gained 3.2 percent, to 873½p and 129½p respectively. Rio Tinto was up 3.8 percent on the day and 10 percent on the week to £21.49, while Anglo American advanced by 5.1 percent to £15.54.

Mergers and acquisitions rumors in the aerospace and defence sectors benefited defence group BAE Systems and jet engine maker Rolls-Royce. Rolls-Royce gained 3.4 percent to 370¾p and BAE was up 1.5 percent to 338p.

Among declining stocks, Shire Pharmaceuticals lost 1.5 percent to 685p after a downgrade to “neutral” by UBS.

In London on Wednesday, the FTSE 100 was up by only 0.1 percent to 5,365.9, while the FTSE 250 gained 0.7 percent to close at 7,850.3. The FTSE 250s closing level was another all-time high.

There were gains a wide variety of sectors on the day. Property group Savills gained 16.3 percent to 849p. Taylor Woodrow was up 3.3 percent to 326¾p on speculation that it could gain contracts to rebuild houses in the area affected by Hurricane Katrina as well as on rumors that it could be a takeover target of housebuilder George Wimpey.

Chemical group BOC gained 1.3 percent to £11.24 on rumors that BASF might soon bid for it. GlaxoSmithKline was up 1 percent to £13.69 on the purchase of ID Biomedical of Canada for £800 million. Also in the pharmaceuticals/health care sector, Boots added 1.3 percent to 631p on speculation that it might sell International Healthcare to GlaxoSmithKline.

Accountancy software firm Sage was up 2.9 percent to 232¾p. Electrical retailer Dixons gained 0.8 percent to 115¼p. British Land advanced by 1.7 percent to 914p.

The New York equities markets were mixed on Thursday as more bad news from the hurricane zone came in as well, on top of several items of negative data on the economy.

While the S&P 500 was up slightly to 1,221.59, the Dow Jones Industrial Average lost 0.7 percent to 10,459.63 and the Nasdaq composite was down slightly to 2,147.90.

Among the reports released during the day were those showing that consumer spending was up by 1 percent in July, while personal income was up only 0.3 percent and personal savings was at negative 0.6 percent, the lowest level in the 46 years the government has been keeping statistics. Another report showed manufacturing activity down in August.

Energy stocks did especially well on the day. XTO Energy was up 2.4 percent to $40.77, Valero Energy gained 2.8 percent to $109.50, and ExxonMobil added 2.97 percent to $61.68.

Among retailers, Costco gained 0.5 percent to $43.18 and Wal-Mart was up 0.3 percent to $45.09 on a 3.3 percent rise in sales, but Target lost 1.8 percent to $52.78 even though it reported an increase in sales of 6.3 percent.

One of the biggest gainers on the day was in the pharmaceutical sector, as Chiron gained 17.81 percent to $42.93 when Novartis offered $4.5 billion to purchase the rest of the company. Novartis gained 1 percent to $49.19.

European oil stocks were up on Wednesday as oil prices stayed high, while telecommunications stocks saw losses on the day. The FTSE Eurofirst 300 gained 0.9 percent on the day to 1,177.19.

France Telecom was down 0.8 percent to €24.41 as it offered a rights issue worth €3 billion in order to aid in funding Spanish mobile phone operator Amena, a purchase worth €6.4 billion. OTE, the Greek telecommunications company, was up early but then ended the day down by 2.2 percent to €16.76 although it had beat forecasts for profits in the second quarter.

In the oil and gas sector, Neste Oil of Finland gained 9 percent to €27.25, the highest rise of the day. Repsol YFP and Total each gained 2.6 percent on the day, as Repsol closed at €23.98 and Total ended the session at €213.10. Eni added 2.3 percent to close the day at €23.97. Oil services company Saipem was up 2.7 percent to €13.63.

In the pharmaceuticals sector, Sanofi-Aventis lost 1 percent to €69.20, losing gains from its earnings goal for the full year when Deutsche Bank said that the company’s testing of new drugs has come up with mixed results due to a key depression drug it is developing was successful in one test, but did not make it through the testing process on another trial.

The Tokyo equities markets did better on Tuesday as they gained back the ground that they lost on Monday. The Nikkei 225 gained 1.2 percent to 12,453.14 and the Topix index was up by 1.2 percent as well, to 1,273.60.

The iron and steel sector did well, gaining 3.9 percent, while the shipping sector gained 1.5 percent. Nippon Steel gained 5.2 percent to ¥321, while JFE added 4.6 percent to ¥3,200. Shipper Nippon Yusen was up 1.5 percent to ¥696.

The transport equipment sector as a whole gained 1.3 percent, and Toyota, one of Japan’s biggest exporters and the second largest automobile manufacturer in the world, was up by 2.2 percent to ¥4,550.

In the pharmaceuticals sector, Eisai was up 1.2 percent to ¥4,160 after an announcement on Monday that it was ready to take its experimental drug aimed at treating sepsis to the next level of testing.

The financial sector also did well. Banking group Mizuho gained 4 percent to ¥619,000, while securities house Nomura added 2.2 percent to ¥1,521.

On the losing side, supermarket chain Eco lost 5.7 percent to ¥1,084 when it said it would probably take losses in the first half of the 2005-2006 fiscal year due to low sales, which it blamed on heavy competition.

The New York equities markets fell on Tuesday in response to numbers showing the number of existing homes sold were below predictions even though the figures showed that the housing sector continues to prosper as the number of homes sold during the month was the third largest ever.

The Dow Jones Industrial Average lost 0.5 percent to 10,519.58, the Nasdaq composite fell 0.2 percent to 2,137.25, and the S&P 500 declined by 0.3 percent to 1,217.58.

The news about housing sales sent shares in home builders down. KBH homes saw the biggest loss, declining by 1.7 percent to $70.96. Lennar fell 1.3 percent to $58.93, while Pulte Homes lost 0.8 percent to $83.48. The home furnishings sector was also down on the day. La-Z-Boy blamed rising oil prices as it announced that it expects second-quarter sales figures to be down as it fell 3 percent to $13.57. Ethan Allen Interiors lost 1.2 percent to $31.94, and Furniture Brands International also lost 1.2 percent to end the day at $19.27.

The pharmaceuticals sector was mostly up, except for Merck, which fell by 1.2 percent as it still was feeling the effects of the personal-injury judgment against the company on Friday. Elsewhere, the sector did not seem to be bothered by Merck’s troubles. Amylin Pharmaceuticals was up 27.7 percent to $28 on the announcement that test results were positive for a weekly injection treatment for type 2 diabetes patients. Eli Lilly, which helped develop the drug with Amylin, was up 1.9 percent to $53.72, while Alkermes, which developed the injection system that will be used with the drug, added 11.6 percent to $17.67.

The London equity markets were mixed on Tuesday, with the FTSE 100 falling by 0.3 percent at the close to 5,300.2 even as the FTSE 250 added 0.2 percent to end the session at 7,707.4 on a volume of 2.4 billion shares traded.

British Airways lost 1.6 percent to 285 ¼p as analysts began to assess the damages to the air carrier incurred by the caterer’s walkout at Heathrow airport. One analyst said that BA could have its profits for the year cut by as much as £40 million.

Rolls Royce lost 0.1 percent to 341 ¼p after the announcement that it had won a joint contract worth $2.4 billion in conjunction with General Electric to develop new engines for the joint strike fighter, becoming part of the costliest military project in history.

In the pharmaceuticals sector, Acambis gained 4.1 percent to 255p on the announcement that it has successfully concluded phase II trials on a treatment for Japanese Encephalitis.

In the mining sector, Antofagasta added 1.5 percent to £14.91 on the possibility of more merger and acquisition activity involving the Chilean miner in the wake of the death last week of its former chairman and largest shareholder. Another factor in the company’s advance was the raised interim profits forecasts for 2006, up 43 percent to $341 million due to record copper prices.

Volumes were light on European equities markets on Tuesday as many investors took summer holidays and as the FTSE Eurofirst 300 lost 0.6 percent to 1,186.73.

The pharmaceuticals sector was still feeling the fallout from last Friday’s jury verdict against Merck in the first Vioxx case to reach the US courts. Novo Nordisk lost 1.5 percent to DKr323.50 after a US rival reported success in clinical trials of a diabetes drug, which caused concerns that Novo Nordisk’s development of a similar product might be undermined.

Elsewhere in the sector, Sanofi-Aventis lost 1.6 percent to €70.65 and Novartis and Roche each declined by 1.1 percent. Novartis ended the session at SFr61.65, while Roche settled at SFr173.60.

Oil prices caused declines in both the oil sector and in sectors which use a great deal of oil products. In the oil sector, Eni dropped 2.1 percent to €23.47, Total lost 1.2 percent to €208.30, and Repsol YPF declined by
1 percent to €23.86.

Most companies in the automobile manufacturing sector were also down on the day. The exception was Fiat, which closed up 2.8 percent to €7.446 on the heels of Monday’s 3.3 percent gain. Elsewhere in the sector, Peugeot lost 1.2 percent to €51.80, DaimlerChrysler fell 1.3 percent to €42.14, Porsche closed 1.9 percent lower at €643.22.

In the airlines sector, Air France lost 2.4 percent to €13.62 and Lufthansa closed even at €11.09 after recovering from a decline earlier in the day.

The New York equities markets had a positive day on Monday, as the Dow Jones Industrial Average closed up 0.1 percent to 10,570.53, the S&P 500 ended the day with an increase of 0.2 percent to 1,221.79, and the Nasdaq index rose by 0.3 percent to 2,141.44.

The news was not good for everyone, however, as Merck continued its slide begun Friday with the announcement of a jury verdict against the company in the case of a man who died after taking their pain killer Vioxx. Merck dropped 0.6 percent to $27.89, bringing its two-day decline to nearly 8.3 percent.

In the semiconductor sector, Texas Instruments gained 2.5 percent to $31.95 and Intel added 1.6 percent to $26.06. Many of the gains on the day came in relation to news on mergers and acquisitions.

Canadian-owned oil producer PetroKazakhstan gained 18.4 percent to $53.75 after it accepted an offer by the China National Petroleum Corporation, which offered $55 per share for the company.

Shares in Evetech Pharmaceuticals gained 29.6 percent to $18.13 after OSI Pharmaceuticals agreed to purchase Evetech for around $935 million. The purchase didn’t help OSI, however, which saw its shares declined by 21.7 percent to $31.92.

The news that Maytag and Whirlpool had signed a formal agreement for Whirlpool to acquire Maytag did not help shares in those companies, either. Maytag lost 0.1 percent to $18.69 and Whirlpool declined by 0.4 percent to $81.48.

Good performance early in the US equities market helped European equities
markets to gains on Monday. The FTSE Eurofirst 300 was up 0.05 percent to
1,194.42.

In the pharmaceutical sector, GlaxoSmithKline’s fall of 0.8 percent in London sent European drug makers down as well. Sanofi-Aventis lost 1.2 percent to €71.80, and Novartis dropped 1 percent to SFr62.35, while Schering fell 0.6 percent to €52.61. The fall of GSK, in turn, came partly on a jury decision against Merck involving the death of a patient using Vioxx.

The automobile manufacturing sector was up, led by Fiat, which gained 3.3 percent to €7.2450. The company has a €3 billion loan which comes due in September, and if it cannot pay cash, the banks which extended the loan must convert it into equity, which would leave them owning about one-fourth of the company, more than is owned by Fiat’s founding family. Elsewhere in the sector, Volkswagen gained 1.9 percent to €44.85, and DaimlerChrysler and Peugot each added 1.2 percent, with shares in DaimlerChrysler sitting at €42.69 and shares in Peugot at €52.40.

Meanwhile, Anglo-Dutch consumer-goods company Unilever gained 1.5 percent to €57.25 on speculation that some of its frozen foods brands might be sold.

In what is traditionally a quiet week on the equities markets, the FTSE 100 in London gained 0.1 percent to 5,318.4 on Monday, while the FTSE 250 was up by 0.4 percent to 7,691.7 on a low volume of 1.9 billion shares traded.

The mining sector was up on higher prices for copper. BHP Billiton gained 3.1 percent to 844 ½p on an expectation that its earnings statement, to be released on Wednesday, would be positive and on an increase in its rating by Numis Securities from “hold” to “add”.

Elsewhere in the sector, Antofagasta gained 3 percent to £14.69 and Rio Tinto added 2.9 percent to £20.49.

The decision on Friday by an American jury to hold pharmaceutical company Merck responsible for the death of a man who used its pain killer Vioxx had an effect on the rest of the sector as Shire Pharmaceutical lost 0.9 percent to 675 ½p and GlaxoSmithKline declined by 0.8 percent to £13.35.

Besides the news of the Merck verdict, GSK was also hurt by a report that its drug Paxil has been linked a survey by Oslo University that showed an increase of suicide attempts in adults who use the drug.

In the energy sector, mid-cap gas and oil company Soco International added 11.6 percent to 781p on the announcement that oil has been found at the Te Giac Trang site in Vietnam, in which it holds a 28 percent share.

European equities markets ended the day relatively even as the FTSE Eurofirst 300 closed at 1,192.46 as a number of markets were closed for the observance of Assumption Day.

In the banking sector, Commerzbank lost some of its recent gains on the news that its chief executive has come under investigation in an ongoing money laundering inquiry involving the bank, losing 0.8 percent to €20.93.

The automobile manufacturing sector was down on the day as well, as BMW fell by 0.9 percent to €36.42 and Peugeot lost 0.8 percent to €51.90. Michelin was down 0.9 percent to €51.40. In the chemicals sector, Bayer lost 1 percent to €29.36 and specialty chemicals group Clariant declined by 0.8 percent to SFr18.70.

The largest pharmaceuticals wholesaler in Europe, Celesio, lost 2.9 percent to €69.01 on profit-taking after recent gains. In mergers and acquisitions, Philips Electronics was up 0.6 percent to €21.64 after it announced that it would pay around €765 million to buy a 47 percent stake in LED company Lumileds from Agilent Technologies. Philips also announced that it would buy back around €1.5 billion of its own shares in the next year.

The London equities markets closed in positive territory on Wednesday as the FTSE 100 gained 0.3 percent to 5,377.5 and the FTSE 250 was up 0.4 percent to 7,734.6 on a volume of 2.8 billion shares traded.

Life assurers saw advances in share value. South Africa-based life assurers Old Mutual gained 2.5 percent to 134p on better-than expected first half results and a forecast that its strong performance will last through the year.

Aviv was up as well, by 2.2 percent to 657p, ahead of its first-half report and on confirmation that Lord Sharman was coming aboard as its new chairman.

Mobile phone company Vodafone gained 0.3 percent on the day to 147p on an assessment by Dresdner Kleinwort Wasserstein that investors were not taking note of rising valuations of Japanese companies and the improvement in Vodafone’s operations in Japan.

Banks didn’t do as well, as Lloyds TSB lost 1.8 percent to 474p, Royal Bank of Scotland dropped 0.9 percent to £16.05, and HBOS was down 0.7 percent to 903 ½p.

Other FTSE 100 decliners included oil company BP, which lost 0.8 percent to 653 ½p, pharmaceutical company AstraZeneca, which was down by 0.7 percent to £25.90, and mining company Rio Tinto, which dropped 0.8 percent to £20.32.

Record label EMI, however, gained 3 percent to 254 ¼p on the news that it is in discussions to purchase New York-based independent label Wind-Up Records, which records Creed and Evanescence. The proposed purchase prices is said to be $125 million.

In Europe on Wednesday, the FTSE Eurofirst 300 gained 0.9 percent to 1,199.87.

The banking sector was especially active on the day. Commerzbank was up 8.3 percent to €21.70 on talk that it could become the target of a foreign takeover bid.

Among those seen as contenders for the German bank are France’s BNP Paribas and Spain’s Santander Central Hispano. Santander denied the reports, while Paribas said that it never comments on such rumors. BNP gained 1.2 percent to €61.05 and Santander was up 0.5 percent to €10.14.

Elsewhere in the banking sector, Unicredito added 2.5 percent to €4.615, while HVB was up 3 percent to €23.10.

In the airlines sector, Lufthansa gained 5.1 percent to €11.29 after it reported its full first-half data on earnings and WestLB confirmed their “outperform” rating for the air carrier.

In utilities, French company Suez added 5.8 percent to €24.90 after a rise of 7 percent on Tuesday on positive analyst sentiment regarding the news that Suez will buy the portion of Belgian electricity supplier Electrabel. Dresdner Kleinwort Wasserstein rated Suez at “buy” and increased its price target from €20 to €26.

Decliners on the day included Bayer, which lost 1.2 percent to *30.09. Its quarterly report showed earnings up less than expected. Even so, the drugs and chemicals group raised its annual earnings forecast. Danish drugmaker Novo Norsk was also down, by 2.7 percent to DKr326, ahead of its quarterly report.

In Europe on Tuesday, the FTSE Eurofirst 300 closed 0.7 percent higher at 1,189.21.

Gains in the oil sector did a great deal to help, as did the news that French utility Suez was poised to purchase all the stock of Electrabel, the Belgian electricity supplier, that id does not already own.

Shares in Suez were up 7 percent to €23.54, while Electrabel gained 6.7 percent on the news, to €415.70.

In the oil sector, OMV was up 3.6 percent to €40, Neste Oil gained 3.4 percent to €23.90, and Total rose 1.3 percent to €211.40.

The financial sector was mixed. Swiss bank UBS lost 1.4 percent to SFr104.40 on net profits that were somewhat below predictions. Swiss reinsurer Converium was down 0.4 percent to Sfr11.95 after releasing a second quarter report which showed that while net profits were up, its underwriting division had suffered a loss.

Deutsche Borse, which operates the Frankfurt Stock Exchange, was up 2.8 percent to €73.72 on record profits in the second quarter. As a result, year-long earnings estimates were raised.

Meanwhile, in the pharmaceuticals sector, Irish drug maker Elan gained 19.7 percent on the day to €7.30 after the release of a study that showed no new cases of the brain disease that caused it to have to remove its multiple sclerosis drug Tysabri from the market in February. That withdrawal caused Elan’s shares to fall by 90 percent.

In Tokyo on Wednesdsay, equities markets closed higher again on another group of positive quarterly reports.

The Nikkei 225 closed 0.35 percent higher at 11,981.80, its highest closing level in 15 months, after having peaked briefly above the 12,000 level for the first time in over a year. The Topix index ended the day up 0.2 percent at 1,212.02.

Gains were limited, however, by continuing uncertainty over what will happen if the upper house of parliament does not approve privatization of the post office in a vote schedule for Friday.

Prime Minister Junichiro Koizumi has threatened to call elections if the legislation, which he backs, is not approved.

Among those companies issuing quarterly reports was car and motorcycle manufacturer Suzuki, which gained 3.5 percent to ¥1,874 after it reported a higher than expected 4.6 percent gain in quarterly operating profits.

Amano, which makes time recording equipment, saw the value of its shares soar by 12.6 percent to ¥1,614 after it said that it more than doubled its operating profit in the most recent quarter. In response, Amano revised its forecast for the half-year ending in September.

Drugmaker Astellas added 5.3 percent to close at ¥3,790 on a 13 percent rise in quarterly profits due to strong sales.

In New York on Monday, the main equities indexes closed mixed as technology stocks did better than the blue-chips.

The Dow Jones Industrial Average was down 0.2 percent to 10,623.15, while the Nasdaq composite gained 0.5 percent to 2,195.38 and the S&P 500 was up by 0.1 percent to 1,235.35.

EBay gained 4.4 percent to $43.61 on an upgrade to “buy” from Smith Barney. Google gained 1.3 percent to $291.61, but Yahoo lost early gains to close even at $33.33.

The energy sector saw gains on the rise in crude oil prices. ExxonMobil rose 0.8 percent to $59.23, and Kerr-McGee was up 1.7 percent to $81.53.

Proctor and Gamble reported a 9 percent rise in net profits overall, and sales in its health and family division grew by 13 percent. However, because of lukewarm guidance, P&G shares fell 0.6 percent to $55.32.

Wal-Mart, which sells P&G products, rose 0.4 percent to $49.53 based on monthly sales growth figures near the high end of forecasts. Meat processor Tyson Foods fell 3.7 percent to $17.95 on a report that its second-quarter profits were lower than expected due to expenses connected to settlement costs after a lawsuit by pork farmers.

In London on Thursday, the FTSE 100 gained 1 percent to 5,270.30 and the FTSE 250 was up 0.3 percent to 5,270.30 on a volume 0f 2.9 billion shares traded.

Engine maker Rolls Royce gained 9.6 percent to 342p on record orders and plans to raise its dividend for the first time since 2001, as well as on a number of upgrades by analysts.

Elsewhere in the aerospace sector, BAE Systems gained 2.2 percent to 308 ¼p, Smiths Group was up 1.1 percent to 957 ½p, and Meggitt advanced by 5.1 percent to 310 ½p.

Royal Dutch Shell missed second quarter expectations despite a profit of over $5 billion. It’s “B” shares were down 1.7 percent to £17.59. Telecommunications group BT lost 2.6 percent to 229p on a mixed second quarter report.

In the pharmaceuticals sector, AstraZeneca, GlaxoSmithKline, and Shire Pharmaceuticals all issued quarterly reports. On the results, AstraZeneca gained 5.6 percent to £24.80 and GlaxoSmithKline was up 0.9 percent to £13.40, but Shire Pharmaceuticals ended even at 655p.

Among mid-cap stocks, CSR gained 14.3 percent to 512p on a better-than-expected earnings guidance and acquisition of the software component of UbiNetics Holdings.

EasyJet lost 3.1 percent to 247p on a downgrade by ABN Amro, which used the threat of terrorism as one reason for the drop in the budget air carrier’s rating.

The Nikkei 225 gained 0.3 percent to 11,835.08 and the Topix index was up 0.8 percent to 1,198.97 on Wednesday in Tokyo, reaching 15-week highs due to the yen once again weakening in relation to the dollar.

Carmakers did exceptionally well. Toyota gained 1.4 percent to ¥4,230, Nissan was up 1.4 percent to ¥1,165, and Honda gained 2 percent to ¥5,720. Some analysts are saying that revaluation will help the Japanese automobile manufacturing sector because the revaluation will increase purchasing power in China and so boost demand there for Japanese cars.

In the pharmaceuticals sector Tsumura, which makes Chinese medicines, gained 2.2 percent to ¥2,090 when Credit Suisse First Boston rated it at “outperform”, citing the growing Japanese demand for Chinese herbal medicines. Chugai Pharmaceutical, the Japanese component of Roche, advanced by 3.1 percent to ¥1,845 on its announcement that the health ministry had requested that it proceed more quickly on filing for an approval of Avastin, its colon cancer drug. Demand for the drug is very high.

In London on Wednesday, the FTSE 100 gained 0.1 percent to 5,263.6, while the FTSE 250 was up 0.8 percent to 7,554.3 on a volume of 3.5 billion shares traded.

Shire Pharmaceuticals gained 1.7 percent to 655p on approval of its acquisition of Transkaryotic Therapies by shareholders of both companies.

Water company Kelda gained 2.1 percent to 710p as it was elevated to the FTSE 100 and upgraded to “buy” by Dresdner Kleinwort Wasserstein, which called Kelda’s efficiency and service the best in the sector. Dresdner also upgraded several other smaller water companies, which helped them see gains on the day as well. Northumbrian Water gained 2.6 percent to 220 ¼p, Pennon was up 1.1 percent to £10.57, and United Utilities added 0.7 percent to 638 ½p.

Reuters was up 1.5 percent to 387 ½p as ABN Amra upgraded the company to “buy” and advised investors to look at more than recent higher restructuring costs.

Tour operator MyTravel group lost 3 percent to 195p on a warning that it had already lost £2 million in cancellations and reparations due to disruptions caused by hurricanes and bombings.

The FTSE Eurofirst 300 was up 0.3 percent to 1,173.83 on a group of new quarterly results after having risen to 1,174.86 earlier in the day.

UCB, the Belgian pharmaceutical company, reported positive results from trials of the drug Cimzia in the treatment of Crohn’s disease, a disorder of the digestive tract. This result sent shares in UCB up 7 percent to €44.30.

In the technology sector, STMicroelectronics reported that its second quarter profits were down by 82 percent on weak sales and high restructuring costs. The report sent shares in the company down 2.6 percent to €14.38.

Others in the sector didn’t do any better on the day as Infineon was down 2.9 percent to €8.11 and ASML Holding lost 1.7 percent to €14.38. Nokia had a good day, however, gaining 1.6 percent to €13.10.

European aerospace and defense group EADS reported €1.54 billion in first-half core earnings, a jump of 57 percent. Shares were up 3.3 percent to €27.65. EADS also raised its per share earnings target for the year from €1.36 to €1.5.

Also reporting quarterly earnings was DSM, the Dutch chemicals group. It said its quarterly profits rose 43 percent to €217 million on lower costs, higher margins, and a strategic acquisition. Shares in DSM were up 2.5 percent on the day to €62.35.

Equities markets in New York were up on Wednesday, as the Dow Jones Industrial Average gained 0.54 percent to 10,637.09, the Nasdaq composite was up 0.47 percent to 2,186.22, and the S&P 500 advanced by 0.46 percent to 1,236.79.

The telecommunications sector was the most successful on the day, advancing as a while by 1.2 percent on Sprint’s better-than-expected quarterly report, which showed earnings more than doubling on wireless growth. Shares in Sprint gained 3.7 percent to $25.90.

Amazon reported that second quarter net income was down 32 percent due to tax charges that overtook higher sales. However, because investors had been expecting worse news and because profit margins were up, the company’s shares were up by 12.4 percent in early trade to $42.32.

Boeing also reported it’s quarterly earnings, which topped expectations even though profits fell by 7 percent in the quarter. The aerospace company raised its outlook for the third quarter and by early afternoon shares were up 1.5 percent to $67.35.

Restructuring costs caused household goods group Colgate-Palmolive’s earnings to fall in the second quarter. Even through earnings were at 62 cents per share, down from 66 cents per share a year earlier, C-P’s shares advanced 0.6 percent to $52.05.

In Tokyo on Monday, the Nikkei 225 was up 0.6 percent to 11,762.65 and the Topix gained 0.3 percent to 1,190.27 on the strength of sectors that stand to gain by the revaluation of the Chinese renminbi.

Nippon Steel gained 0.7 percent to ¥277, while JFE Holdings, was up 0.5 percent to ¥2,915, taking the iron and steel sector as a whole up by 0.8 percent.

The textile sector, which could receive a competitive advantage from the revaluation, gained 0.6 percent as a whole as Japan’s largest general textile manufacturer, Unitika, was up 1.4 percent to ¥148.

Meanwhile, Matsui Securities lost 3.8 percent to ¥1,054 after announcing on Friday that its quarterly profits were down by 15 percent.

Takeda Pharmaceutical, on the other hand, gained 1.1 percent to ¥5,600 on the news that the US has approved the sale there of Takeda’s prescription sleeping pill Rozerem.

In the oil sector, AOC Holdings gained 6 percent to ¥1,697 at least partly on a report that it’s oil producing unit will begin pumping crude oil at two locations in Egypt in the second half of 2007.

Nippon Oil, however, lost 0.1 percent to ¥741. Nippon is Japan’s biggest oil distributor.