The FTSE 100 rallied off yesterday's declines and put in a solid performance today on the back of de...
The FTSE 100 rallied off yesterday's declines and put in a solid performance today on the back of decent gains for technology and telecom stocks.
The US prompted the performance following better-than-expected results from Motorola and Yahoo as well as bullish news from Microsoft yesterday. To bolster buying in the UK, Wall Street was trading impressively higher at midday in the US.
The FTSE 100 finished the day up 89.7 points to 5481.6.
Leading the FTSE 100 risers was chip developer ARM, up a decent 27p to 232p followed by Misys up 34p to 445p.
Losses among the FTSE 100 were few, confined to the old economy and capped at 2.75% by drinks company Diageo. The group said its Burger King management team has initiated a strategic review as trading conditions remain "challenging" which will incur a one-off cost, not expected to exceed £50m. The stock lost 21p to 744p.
Yesterday's EU investigation into mobile telecommunications roaming charges proved to be little more than a storm in a teacup and confidence returned to the sector as BT put on 28.5p to 470p and Vodafone advanced 6p to 151p.
Over on Wall Street at midday all the major indices were higher. The Nasdaq fared especially well, up around 3.5%, which is badly needed considering it was looking at a near 9% fall for the month yesterday. The Nasdaq was up 69 to 2041, the Standard & Poor's 500 added 18 to 1198 while the Dow Jones lifted 151 to 10392.
Our weekly heads-up for advisers
'Nothing can prevent scammers developing workarounds'
Stalwart Scottish Mortgage takes third place
Consistency and compliance vs. slower reaction time
Search for replacement to begin imminently