Climbing oil prices and positive corporate news has helped to lift the FTSE 100 this morning, led by...
Climbing oil prices and positive corporate news has helped to lift the FTSE 100 this morning, led by publishing house Reed Elsevier Group.
The FTSE 100 climbed 16.1 points or 0.4% to 4064.7 within the first hour of trading, as Reed Elsevier, publisher of school textbooks, declared it would reach its full-year target by cutting costs and subsequently added 15p or 2.8% to 550p.
Amec, the engineering design company, slid 41p or 23% to 141p. The world's third-biggest engineering-design company said pretax profit in 2002 will be lower than expected as companies defer projects.
BP added 5p or 1.2% to 419p after the price of January crude oil rose 0.8% to $25.39 a barrel in London, thanks to yet more threats of war with Iraq. Shell Transport & Trading also advanced 5.5p or 1.4%to 404.5p.
Seymour Pierce Group, the stockbroker, also lost 0.5p or 7.7% to 6p having reported a full-year loss.
And Vodafone Group lost 1.5p or 1.2% to 119.5p after Credit Suisse First Boston analysts lowered their recommendation.
In Asia, it was the Japanese market which struggled most today, after Morgan Stanley lowered its recommendation on Tokyo Electron.
The Nikkei 225 fell 1% to 8917.57 and the Topix fell 0.9% to 866.86 as computer-related shares and retailers accounted for about a quarter of the Topix's drop.
Elsewhere in the region, South Korean's Kospi index rose along with the Taiwan TWSE Index advanced.
Benchmarks in Australia, Hong Kong, India and New Zealand gained, while indices in China and the Philippines fell. Singapore's Straits Times Index was little changed. Markets in Thailand, Malaysia and Indonesia were closed today for public holidays.
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