The UK's benchmark index the FTSE 100 ended the day 46.9 points higher at 5856.5 with gains for Marc...
The UK's benchmark index the FTSE 100 ended the day 46.9 points higher at 5856.5 with gains for Marconi up 22.5p to 360.5p amid speculation it's a takeover target for US tech group Cisco and Rio Tinto rose 42p to 1409p on saying it expects further sector consolidation.
Oil stocks gained in value after increases in the July delivery of crude oil on the New York mercantile exchange and the Brent crude settlement for August. Shell rose 11p to 629p and BP added 6.5p to 638p.
AEA Technology advanced 60.5p, more than a quarter, to 281.5p on saying talks to takeover the group responsible for cleaning up Chernobyl had come to an end. Atlantic Global marked its debut on AIM by climbing 4.5p, an increase of 18%, to 29.5p. Fellow Aim stock Hereward Ventures closed at 12.75p - its highest price since floating in the middle of February. Beer outfit Belhaven added 14p, as much as 6.8%, to 220.5p after announcing earnings per share for the year 2001 had increased to 31.4p from 25.5p.
In midday trading the three US markets gained. The Dow Jones advanced 31.88 to 11,022.29 while the tech focused Nasdaq index added 8.33 to 2157.77 and the Standard & Poor's 500 rose 2.71 to 1263.88.
US oil stocks climbed after Iraq announced its intention to freeze output in protest at the trade sanctions that have been in place since the end of the Gulf War in 1990. With OPEC also saying it's not prepared to change production quotas oil all 15 members of the Amex oil index subsequently gained in value. Exxon added $1.10 to 90.05, Chevron rose $1.22 to 97.60 and Texaco added 89 cents to $72.78.
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