Telecom stocks managed to keep the FTSE buoyant after strong news from the German market gave analys...
Telecom stocks managed to keep the FTSE buoyant after strong news from the German market gave analysts and investors hope the sector could be set to turn around.
Siemens and Deutsche Telekom both announced positive sales and subscriptions this morning, lifting companies such as Vodafone, ARM Holding and Logica who all benefit if interest in text messaging increases.
The FTSE 100 climbed for the first time in seven days by 13.1 points to 5140.70, led by Vodafone which closed up 2.9% to 167.5p, Arm climbed 2% to 332p and Logica, whose software is used for wireless text messaging, rose 11p to 613p.
The Harry Potter phenomenon has struck Bloomsbury books again as the firm predicts full-year profit will exceed market forecasts, so its share price rose 4.8% to 805p.
Beleaguered equipment firm Marconi got small praise from the industry today and its share price closed up 8.8% to 34p after stating it would buy back euro and dollar-denominated bonds to help reduce its debt.
P&O also saw its stocks drop another 6.3% to 216.25p after announcing its passenger numbers are down, but containers moving through ports increase 8.8% to 2.5m units last quarter.
In the US, a surprise drop in jobless claims and better than expected profits again boosted the New York markets as investors anticipate there really could be an economic rebound in the first half of this year.
Citigroup managed to earn more than forecast for the fourth quarter, General Electric, the largest company in the US by value, also met its profit expectations, and technology stocks jumped after Apple Computer and Compaq declared their sales will top analysts' estimates.
The Nasdaq Composite Index rose 14.40 points or 0.7% to 1958.84 while the Dow Jones gained 74.60 points or 0/8% to 9786.87.
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