Tech stocks are on the rise this morning led by Marconi after Cisco Systems announced yesterday that...
Tech stocks are on the rise this morning led by Marconi after Cisco Systems announced yesterday that orders for this quarter are meeting target. This boosted investor sentiment that the tech sector is going to know better days.
The FTSE 100 was up 5.7 points to 5402.2 and the Techmark gained 4.70 points to 1514.76.
Marconi, the UK phone equipment maker, gained 2.25p o 64. Matalan gained 20p to 555, when the discount-clothing manufacturer said it had appointed former director of Asda as chief executive. Centrica advanced 2p to 227.75p after the natural gas supplier said it has agreed to acquire a twenty-year lease on two gas-fired power plants.
Among the losers, Kingfisher slid 4.75p to 366.25p. The slump was triggered by the meeting set with shareholders to vote on spining off Woolworths Group. PSD slid as much as 102.5p to 302.5p when the UK recruitment company said its pre-tax, first-half profit may halve to 5.5m.
Wall Street closed lower yesterday but the Cisco news, which was announced after close yesterday, may boost tech stocks on open.
The Dow Jones closed down 48 points to 10,229 and Nasdaq shed 17 points at close to 1,843.
In after hours trading, Cisco rose as high as $17.73 after it closed at $16.76 in regular trading. Koger Equity, the office park developer, rose 30 cents to $16.80 after it agreed to sell 75 suburban buildings. ADC Telecommunications fell 22 cents to $4.18 after announcing it lost 5 cents a share.
Cisco's news cheered tech stocks in Japan. The Nikkei 225 gained 39.39 to 11,166.31. Hong Kong's Hang Seng fell 261.81 points to 11,083.57 upon concerns that China Mobile might be hit worse than previously thought.
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