The UK market reflected investors' concerns over an increase in interest rates. The Bank of...
The UK market reflected investors' concerns over an increase in interest rates.
The Bank of England begins a monthly two-day meeting today to set its benchmark interest rates. If rates are increased, consumer spending will dampen.
The FTSE 100 slid 21.9 to 5228.5. The retail sector was the most badly hit sector. Dixons fell 12p to 227.25p. The high street electrical retailer announced lower than expected interim profits caused by slower Christmas trading and a fall in mobile phone sales. GUS the catalogue shopping company lost 12p to 650p and Next dropped 6p to 888p.
Among the gainers, Colt Telecom added 5.25p to 125.75p after it said it is aiming to double its share of the Italian market. British Airways increased today after yesterday's 9p fall, the shares gained 3p to 237.5p. The airliner announced the implementation of a £5.3m marketing campaign to attract lost customers. Canary Wharf added 4.75p to 448.75p after it announced plans to sell debt in the next two months using leases on its London buildings as collateral.
In contrast to the London markets, Wall Street is rallying. The Nasdaq hit a six-month high today. It is 41 points up at 2096 and the Dow Jones has surged 105 to 10,255.
Oracle climbed $1.40 to $17.16 after announcing that 2001 full-year revenue rose by more than 16%. Cisco also increased upon announcement of positive news, the company announced that it expected to capture market share from computer-networking competitors. The shares rose 63 cents to $21.58.
Railroad stocks fell after a downgrade from Morgan Stanley Dean Witter. Burlington Santa Fe lost 43 cents to $28.52 while Union Pacific lost 98 cents to $58.35.
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