UK stocks rose, led by MMO2 after the mobile-phone company said it will save 600 million euros ($52...
UK stocks rose, led by MMO2 after the mobile-phone company said it will save 600 million euros ($528 million) during the next five years by cutting the number of its suppliers.
The FTSE 100 Index added 58.5 points, or 1.1%, to 5259.9, extending its three-day gain to 2.4%. Two shares advanced for every one that declined in the FTSE All Share
Index, which gained 24.91 points to 2552.77.
MMO2 rose 3.5 pence to 57p, up 11% this week. The company, which led FTSE 100 declines last week, shedding 22% said it picked Nortel Networks and Nokia Oyj to build a faster wireless network in Europe and chose Ericsson AB to run its network in the Netherlands, trimming costs. MMO2's original contracts with different suppliers in each country were awarded by then-parent BT Group Plc.
Rival Vodafone Group Plc, Europe's largest wireless company, gained 7p to 122.75, accounting for more than a third of the FTSE 100's climb. The stock fell 16 percent last week. BT, Europe's third-biggest phone company, rose 7p to 263.75 after falling 5.9% last week.
Air Partner climbed 10% to 330p, a 10-month high. The world's biggest corporate air-charter broker said fiscal first-half profit rose 55% to £1.01m from 650,000 pounds a year earlier as its UK, Austrian and Swiss businesses expanded.
CMG, a maker of software that lets mobile-phone users send text messages, advanced for a third day, gaining 6.3% to 251.5p. Richard Leggett, Darren Cohen and Andres Camacho-Donezar, analysts at Goldman, Sachs & Co raised their 2002 earnings-per-share forecast for the stock by 1.7% to 5.90p and for 2003 by 2.1% to 9.09p, citing stronger demand for CMG's services.
In the US, the S&P 500 climbed 21.39 to 1123.94 as all 10 of its broad industry groups rose. The Dow Jones Industrial Average advanced 179.91 to 10,273.58. The Nasdaq Composite Index jumped 49.75 to 1803.53.
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