By midday, the UK market was in buoyant mood after Marconi and Spirent issued positive announceme...
By midday, the UK market was in buoyant mood after Marconi and Spirent issued positive announcements. This in turn lifted the technology sector although retail stocks weakened.
The FTSE 100 added 107.7 points to 5771.
Telecom equipment group Marconi rubbed shoulders with the leaders as it gained 15p to 325p. The City's profit concerns were allayed by 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 lifted on Marconi's news and upped the mood announcing a contract win with US group Qwest. Spirent shares climbed 31.5p to 336.5p. Other telecoms recorded decent gains including index heavyweight Vodafone. up 11.5p to 217p with Cable & Wireless gaining 28p to 533p.
Despite unveiling good results today, Tesco headed a decline across the retail sector with investors keen to switch to new economy offerings. Tesco lost 12p to 257.5p. Marks & Spencer was hit by news that a Paris high court judge yesterday ordered that the retailer's planned closure of its French stores be suspended because of M&S's breach of company and employment laws. The stock lost 5.25p to 255p.
Elsewhere, shares in Trinity Mirror, publisher of the Sunday Mirror, slipped 13.5p to 450p with the City expecting the group to be fined £1m for contempt after the Leeds soccer trial collapsed following a premature Sunday Mirror article. Speculation mounts that Trinity could be liable for around £10m of the trial costs.
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