At mid morning trade on Tuesday the FTSE 100 shook off news of yesterday's New York airline cra...
At mid morning trade on Tuesday the FTSE 100 shook off news of yesterday's New York airline crash and was up 87 points to 5233.
Market confidence in London was restored after key indices in the US recovered the lion's share of their losses on Monday.
The telecom sector fared best with BT leading the FTSE 100 risers, up 17p to 327p. Market heavyweight Vodafone pleased the city and beat expectations after it announced a 46% jump in first-half proportionate ebitda to £4.78bn. Vodafone added 3p to 177p.
Wall Street managed to claw back most of the sharp losses that hit the market following American Airlines crash. On Monday the Dow Jones closed down 53.63 to 9,554.37 although it had fallen almost 200 points immediately after news of the crash was broken. The Standard & Poor's 500 limited its losses to 1.98 to 1,118.33 whilst the Nasdaq actually eked out a gain of 11.65 to 1,840.13.
Trading on Wall Street had been light though as it was the Veterans Day holiday. A big loser on the day was AMR Corp, the parent of American Airlines, who lost 9% to $16.49.
In Tokyo on Tuesday investors were decidedly cagey in the wake of the passenger aircraft crash in New York. The Nikkei 225 traded below the psychological 10,000 level for the best part of the day but scraped above to close at 10,030, having slipped 51 on the day.
Confidence in the US economy is still wavering with the outlook for the US economy dominating concern. Sectors hardest hit after the US plane crash, predictably, were airlines and heavy machinery. The banking sector was already under some pressure with bad loan concerns still at the forefront of investors' minds.
Fallers amongst the airline sector included Japan Airlines down 10yen to 287yen and Nippon Airways slipped 6yen to 305yen.
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