A reasonable day's trade from the US yesterday lifted UK sentiment this morning. The FTSE 100 was mo...
A reasonable day's trade from the US yesterday lifted UK sentiment this morning. The FTSE 100 was moderately higher boosted by a rally from Marconi and strength in telecoms and technology.
The FTSE 100 added 46.5 points to 5709.8.
In the UK Marconi led the risers with a gain of 21.5p to 331.5p. The city has reacted favourably to the group's announcement that it is to cut 3,000 jobs in the next 12 months and operating profits will come in within expectations at around £800m. Telecom equipment tester Spirent, rallied from yesterday's falls, in sympathy and gained 20p to 325p.
Elsewhere, shares in Trinity Mirror, publisher of the Sunday Mirror, slipped 15p to 448.5p with the city expecting the group to be fined £1m for contempt after the Leeds soccer trial collapsed following a premature Mirror article. Speculation mounts that Trinity could be liable for around £10m of the trial costs.
Over in the US, a measure of good news was chucked into the Wall Street melting pot yesterday after Amazon.com issued a positive earnings announcement. This cheered a section of the technology sector and inspired a modest Nasdaq gain. But analyst pessimism regarding Intel and Texas Instruments rooted investors to reality.
The Dow Jones crept 54.06 points higher to 9845.15 whilst the Nasdaq cheered 25.35 to 1745.71. The Standard & Poor's 500 grew 9.16 to 1137.59.
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