British Telecommunications' announcement that it will sell its UK property for £2.3 billion has lift...
British Telecommunications' announcement that it will sell its UK property for £2.3 billion has lifted the Footsie this morning.
The index gained 46.30 points to 5850.30, rebounding from yesterday's 1% drop.
BT rose 12p to 445.5, adding more than four points to the Footsie. The company sold its UK property to Telereal Holdings Ltd. The transaction will help the company with its state goal to cut £27.9 billion debt by at least £10 billion this year.
Sage Group and ARM Holdings led gains among software and computer-related shares as some investors judged yesterday's declines overdone given the outlook for profit.
Sage rose 8.5p to 277, rebounding from yesterday's 7.3% drop. Shares of computer-related and software companies slid yesterday after Nokia Oyj halved its second-quarter sales forecast.
ARM, Europe's biggest designer of microprocessors, gained 14.5p to 3000.
Hays gained 16p to 184, rebounding from a four-day drop of 46%. Managing director John Cole resigned yesterday.
The yen headed towards a three week low against the dollar, boosting optimism among Japanese exporters. The yen weakened to 122.39 per dollar, heading towards 122.69, its lowest level since May 23. The currency recently traded at 122.20 yen to the dollar.
As a result Honda, Japan's number two automaker rose for a seventh day in eight, climbing 80 yen to 5310.
Fuji Photo Film, the second-biggest filmmaker, with US sales accounting for more than a quarter of revenue, advanced 130 yen, or 2.6%, to 5150. Nintendo added 440 yen to 22,440.
US stocks were little changed in regular trading. The Standard and Poor's rose 1.46 to 1255.85, its first gain in three days, as General Electric and Dell Computer Corp. rallied.
The Nasdaq fell 0.83 to 2169.95 and the Dow Jones gained 26.29 to 10,948.38.
£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards