The FTSE 100 began trading higher this morning, up 55 points to 5137. A reasonable day for the ...
The FTSE 100 began trading higher this morning, up 55 points to 5137. A reasonable day for the Nasdaq in the US and hints by the Bank of England that more interest rate cuts are on their way helped to fuel investor buying.
Leading FTSE 100 gains in morning trade was BT, up 10p to 337p, followed by Arm up 9p to 319p then Amvescap up 25p to 894p. Media stocks paced losses though, with Pearson off 37p to 692p, Reuters lost 28p to 577p and Granada fell 5p to 117p.
Over on Wall Street yesterday technology bigwigs IBM and Intel released third-quarter figures that didn't disappoint. The banking sector fared less well however after whispers circulated that Merrill Lynch is contemplating axing around 10,000 of it staff as well as taking a $1bn charge in the fourth quarter.
IBM reported a net profit of $0.90 a share, way off the $1.08 in the same period last year, but still at the top range of anticipations. Intel reported that net profit had slumped 96% to $0.02 a share but this exceeded analyst expectations of $0.01. Furthermore, the chip manufacturer's sales only fell 25% to $6.55bn.
The Dow Jones finished 36 points higher to 9,384 and the Nasdaq added 26 points to 1,722.
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