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Europe: Stocks mostly higher at end of record-breaking week
[LONDON] Europe's main markets closed mostly higher on Friday, with Frankfurt and London hitting new records, rounding off a successful week for European indices thanks to a deal on Greece's bailout and positive company results.
The benchmark FTSE 100 index on Friday reached 6,967.24 points, its highest intra-day level on record, before closing essentially unchanged down 0.04 per cent to 6,946.66 points.
Frankfurt's DAX 30 ended the week with a new record close, up 0.66 per cent to 11,401.66 points. In Paris the CAC 40 gained 0.83 per cent to 4,951.48 points, ending the month at its highest level since 2008.
The euro climbed to 1.1208 from 1.1198 late in New York on Thursday.
"Despite the DAX and FTSE 100 having posted several new all-time highs in the past few days. . . many are convinced that markets have still further to go especially as the tensions in Eastern Ukraine appear to be easing a bit and Greece's 'loan extension' has been secured," said Markus Huber, senior analyst at brokers Peregrine & Black.
The parliament in Germany, Europe's largest economy and effective paymaster, on Friday overwhelmingly backed a four-month extension of Greece's bailout programme by international creditors.
The "yes" vote - which came despite widespread scepticism in Germany over whether Athens will repay its debts - was expected after Chancellor Angela Merkel's left-right "grand coalition" and small opposition parties all voiced support.
But in Greece, the main stock index closed down 2.67 per cent on Friday as investors worried about the government's ability to find over 1.5 billion euros (US$1.7 billion) to pay the International Monetary Fund next month.