Renewed confidence on Wall Street saw the FTSE 100 finish the day in positive territory although the...
Renewed confidence on Wall Street saw the FTSE 100 finish the day in positive territory although the day was noted for its thin trading ahead of the Easter holiday.
Wall Street was cheered after web retailer Amazon.com announced losses that weren't as bad as had been widely predicted.
In the UK, the FTSE 100 finished the day up 61.8 points to 5663.3.
The UK market had the telecom, oil and gas sectors to thank for the lion's share of its gains.
Among the telecom groups, BT was high up among the gainers as it advanced 23.5p to 551p, Colt telecom improved 15p to 645p and Cable & Wireless added 10p to 505p.
Old economy stocks were cheered by news that German utility business E.ON has launched a 765p-a-share friendly takeover of Powergen, its smaller UK rival. Powergen shares improved only modestly with some city onlookers disappointed by the offer price. Powergen added 13.5p to 719.5p.
An optimistic trading statement from Sainsbury lifted its shares as well as its peers. Sainsbury gained 9.75p to 400p but Tesco reaped its sector gains with a rise of 7.5p to 269.5p.
Software stocks were generally weak but the technology mood improved with the better than expected figures from the US's Amazon.com. In the UK CMG lost 30.5p to 400p.
One of the day's big losers was Euro Sales Finance, a profit warning from the trade financing company sent its shares plunging well over 60%. The group has been unable to secure the level of financing it had expected to satisfy the demand and growth it should otherwise be enjoying in France and Germany - new client advances and subsequent profits have been restricted. The stock dived 742.5p to 352.5p.
In the US, markets were relatively flat. The Dow Jones crept 10 points higher to 9802.
The Nasdaq slipped 5.01 to 1715.35 and the Standard & Poor's 500 eked out a gain of 0.37 to 1129.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till