Sage lifts FTSE

The benchmark FTSE 100 is currently up about 45 points to 4,249 after UK stocks increased this morning paced by Britain's largest provider of accountancy software, Sage Group.

Sage shares jumped 15.25p to 188p after Morgan Stanley raised its recommendation for software and technology stocks to "in-line" from "cautious".

Cable & Wireless gained 3p to 123.75p. According to the Times, the company is in negotiation with parts of its management team about a possible buyout of its loss-making US operation.

Royal & Sun Alliance Insurance Group advanced 2.75p to 152.25p. The insurer is also contemplating selling its US business in a bid to top up reserves, the FT reports.

Evolution Group a stockbroker and investment bank, rose 2.5p to 76p after the company announced that its first-half loss had shrunk to £1.5m.

Serco Group climbed 5.5p to 175.5p after the company said first-half profit increased 9.9% to £17.8m.

SIG, Europe's largest specialist insulation maker, also advanced 1.5p to 110p.

In the meantime, Somerfield shed 3.5p to 125.25p after the company said seven-week sales at outlets open at least a year dropped by 0.2%.

In Asia, Tokyo's Nikkei 225 index advanced 25.61 points to 10,715.69 earlier today, and Hong Kong's Hang Seng rose 162.42 points to 11,102.36.

Across the Atlantic, trading ended up yesterday as the Dow Jones Industrial Average index gained 107.45 points to 9,523.27 by the close.

The S&P 500 index ended up 13.98 points to 1,021, and Nasdaq's Composite index also ended up 31.03 points to 1,841.48.

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