Phenomenal rise of the tellytechs signals cyber age

The latest changes in the composition of the FTSE 100 and FTSE 250 indices say much more about the state of the market than the state of the companies involved. Here, if any further indication was needed, was a demonstration of the phenomenal rise of the tellytechs - the telecom, media and technology stocks which have made most of the running over the last few months. In the same way that share prices of even large companies now seem to move, not by one or two percentage points a day, but in huge leaps and drops of 20% to 30%, sectors, rather than companies, are being relegated or promoted...