Major European stock markets end flat

The major European stock markets ended flat Tuesday in subdued pre-Chrismas trading as gains in luxury goods makers like LVMH were offset by concern over legal action against UBS.

In London, Britain's leading shares clung onto slim gains as higher prices for mining and oil stocks helped offset a fall by tobacco stocks. The FTSE 100 share index finished up 1.9 points or0.04 percent at 4,733.0 points, to build on Monday's 34-point surge and keep the index back near the middle of the 4,675-4,825-point range it has occupied for more than six weeks.

In Frankfurt, the DAX index ended at 4,214.39 points, up 2.84 points or 0.07 percent while in Paris, the CAC-40 index closed at 3,770.03 points, up 5.99 points or 0.16 percent.

Shares in the Swiss banking giant fell 1.1 percent after the company said it faced legal action for possible breaches of securities laws due its relationship with scandal-plagued US healthcare company Health South.

Alma Media was among the region's biggest gainers, up 24 percent after Norway's top media group Schibsted ASA made a surprise 705 million euro (944 million US dollars) bid for the Finnish group. Schibsted shares shed 2.3 percent.

Electrolux shares also jumped 4.5 percent as dealers cited renewed talk that the world's biggest maker of household appliances could be a takeover target for private equity firms.

The mining sector was once again in demand, boosted by positive sector sentiment, with metal prices moving higher.

Cair Energy rebounded almost 3 percent in value after a disappointing drilling update prompted a sell-off on Friday.

In the currency market, the US dollar closing trade up against the pound with one pound changing for 1.9269 US dollars comparing with 1.9483 US dollars on Monday.

The US dollars also performed slightly better against the euro.One euro changed for 1.3372 US Dollars at the market close comparing with 1.3397 US Dollars.

The US dollar was also up against the yen with one dollar changing for 104.32 yen, higher than 104.08 Monday.

Source: Xinhua