EQUITIES as a percentage of any PORTFOLIO

(Updating with full report)

PARIS (AFX) - Shares closed slightly lower in very thin trade ahead of the
New Year festivities tonight, but the CAC-40 posted its second consecutive
year-on-year increase, dealers said.
At the close, the CAC-40 was down 0.18 pct at 3,821.16.
Over the year, the benchmark index was up 263.26 points or 7.4 pct following
an increase of 16.12 pct over 2003.
Trade today was again muted in a market caught between the holidays and with
corporate and economic news thin on the ground.
Vinci ended up the year's top gainer, with a rise of 50.50 pct, although the
stock today closed down 0.15 pct at 98.80 eur.
Veolia Environnement was the day's top riser, up 3.02 pct at 26.63 eur as
investors singled the stock out for some late interest.
Tech stocks also enjoyed a mini-rally to celebrate the end of 2004, with
STMicroelectronics up 0.84 pct at 14.35 eur, Thomson up 0.78 pct at 19.45 eur
and Alcatel up 0.26 pct at 11.45 eur.
France Telecom meanwhile dipped 0.61 pct to 24.36 eur as the market feared a
concession to the government over tariffs as the company seeks a 20 pct increase
in subscription rates over the next there years.
Outside the main index, Archos rose 9.01 pct to 5.20 eur, taking the week's
gains by the French PC accessories maker above 25 pct following news that
Echostar Communications Corp will take a 23 pct stake.
paris@afxnews.com
jad/cmr