Cable & Wireless buy-back pushes FTSE further

UK stocks have clearly brushed off the negative activity in the US on Monday as stocks are confidently climbing again this morning, led by Cable & Wireless who is proposing to buy back up to 15% of its own shares. The FTSE 100 gained 51.6 points of 1% to 5328.7, thanks largely to Cable & Wireless which gained 21p or 6.1% to 367p on its own, even though Cable & Wireless is seen as the FTSE's worst performer. The company says it has lost £567m in the first-half, compared with a profit of £4.1bn last year, and has had to write down £839m in assets. Anglo American is rising again for t...