London markets were mixed today, with the FTSE 100 closing slightly higher by 7.9 points to 5198.6. ...
London markets were mixed today, with the FTSE 100 closing slightly higher by 7.9 points to 5198.6.
The UK market had been holding back to find out the movements on Wall Street after this week's rally. One of the best performers was Man Group and shares of the fund management company rose by 70p to 1280p after it announced its two new products have raised $590 million in client money.
Mobile phone companies performed well today after Microsoft announced it is spending billions of dollars to make sure that the Windows operating system will dominate European mobile sector as demand for WAP grows. Vodafone advanced by 3.75p to 168.25p and mmo2 gained 0.75p to 87.75p.
Logica, however, fell by as much as 32p to 632p after the customer J-Phone halved its spending plan for fiscal year.
It has been a bad day for oil shares. With the price of oil expected to fall, oil companies are cutting energy exploration leaving oil sites unused. BP lost 2p to 520.5p and Shell shed 1.5p to 462p.
The US is bracing itself for Greenspan to deliver the latest economic news in San Franscisco today. The Fed has been cautious not cause a rapid recovery as this would send inflation rock high. This is why analysts are predicting that interest rates might be held at its present level.
The US market has been advancing so far. The Nasdaq is 3.5 points up to 2050.71 while the Dow Jones rose by 14.9p to 10,082.74.
Tech stocks suffered after a report by Merrill Lynch said that 70% of the 50 tech stocks they had studied were too expensive given their earnings prospects. Cisco lost 62 cents to $20.38.
Ford motors slid 18 cents to $15.11 after the car maker slashed dividends for the second time in five months and made more employees redundant.
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