Reply #5: Europe shares set 6-1/2 year highs, telecoms shine

[Ghost Dog]

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070523:MTFH57749_2007-05-23_11-09-51_L23222620&type=comktNews&rpc=44

PARIS, May 23 (Reuters) - European shares climbed by midday on Wednesday to a new six-and-a-half-year high, led by telecom stocks including Deutsche Telekom (DTEGn.DE: Quote, Profile , Research) and Vodafone (VOD.L: Quote, Profile , Research) amid merger and acquisition talk.

The pan-European FTSEurofirst 300 index <.FTEU3> was up 0.7 percent at 1,608.13 points, a level last seen in December 2000. The benchmark index has gained 8.4 percent so far in 2007.

"This year, 'Sell in May and go away' is not going to happen," Commerzbank strategist Ralf Groenemeyer said.

"I still believe that a majority of investors has not fully invested in equities at the moment ... The market is ripe for a further upswing," he said.

Major national indexes in Britain, France and Germany were all on the rise, led by the DAX <.GDAXI>, up 0.8 percent. London's FTSE 100 .FTSE rose 0.4 percent, while France's CAC 40 <.FCHI> climbed 0.4 percent.

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Early posting because I have to go now. :hi: