A simple human error caused the 206 point plunge on the Footsie in the final minute of trading ye...
A simple human error caused the 206 point plunge on the Footsie in the final minute of trading yesterday.
The brokerage unit of the No.3 US securities firm, Lehman Brothers Holdings, mistakenly executed a £300m sell order on a basket of stocks, the Wall Street Journal reported.
Lehman apparently added a zero to a £30m sell order it intended to execute. It may cost Lehman millions of pounds.
However, the Footsie has recovered today, despite some hesitancy before the Federal Reserve's expected announcement of an interest rate cut today.
Misys Plc, the UK's biggest provider of software to financial companies, rose 33p, or 6.2 percent to 568. The Techmark index gained 31.23 points, or 1.6 percent, to 1993.38.
Anglo American Plc, the world's biggest mining company, added 83p to 1137. Investors bet Anglo's joint bid for De Beers will succeed Friday, enabling it to keep its current weighting in the UK's benchmark stock index.
HSBC gained 33p to 872.5 and BP Plc advanced 28.5p to 616.
US stocks were mixed prior to the Fed's interest rate announcement.
Lucent Technologies Inc. rose after the company won a $420 million contract from China's second-largest cellular company.
Stocks that increased significantly included Exxon Mobil which rose $1.42 to $89.06. and IBM that lifted 99c to $113.55. Falls were registered for Microsoft who dropped 24c to $68.5 and J.P.Morgan, falling 8c to $47.56.
The Nasdaq has risen 5.072 to 2086.99. The S&P has also risen slightly to 1249.06, while the Dow Jones fell 12.04 to 10,865.29.
Japanese stocks rose as NTT DoCoMo Inc snapped a five day decline on speculation the wireless company will be included in Morgan Stanley Capital International Inc's new indexes to be unveiled this weekend.
Kyocera Corp. and other benchmark stocks gained as institutional investors bet shares in the US may rise later today if the Federal Reserve cuts interest rates. The Nikkei 225 stock average rose 181.01, or 1.3 percent, to 14,054.03, while the broader Topix index added 1.1 percent to 1378.84.
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