Telecoms stocks have, over recent months, sent the FTSE 100 tumbling with doom and gloom news, but V...
Telecoms stocks have, over recent months, sent the FTSE 100 tumbling with doom and gloom news, but Vodafone Group and MM02 were two of the biggest movers on the UK index, pushing the FTSE back over the 3900 mark.
It wasn't a huge change by the FTSE 100 closed up 28.5 points or 0.7% to 3917.7, as frantic trading took at least half of the six-month daily average and pushed trading to around £2.5bn.
Vodafone gained 1.75p or 1.4% to 124.25p while MM02 climbed 2.8% to 55.5p and Cable & Wireless added climbed 2p or 2.5% to 81p.
Freeport, a real estate company which develops retail outlets, leapt a massive 51p or 23% to 268.5p after suggestions that it may receive a takeover bid from a management team.
Selfridges, owner of the department store, also saw its share price climb 7.5p or 2.3% to 334p after suggestions yesterday by the Sunday Times, of a US bid heading its way to buy the high street name.
Invensys, the engineering group which has had a dismal run since the beginning of the year, also lost ground again today and fell another 1p or 6% to 15.75p. Suggestions from the FT are the company did not have the quality management it needed, but the Independent has heightened pressure again by suggesting they may also have a pensions shortfall of £700m.
MyTravel Group, which has also had a rough ride lately, lost another 0.67p or 5.5% to 11.5p after the Sunday Times then suggested Transport Secretary Alastair Darling has been in talks with the Civil Aviation Authority about MyTravel.
And Standard Chartered, the Hong Kong bank, closed the day down 11.5p or 1.6% to 708.5p as it is believed the SARS virus could hurt HSBC and Standard Chartered to the tune of £100m in Hong Kong, China Southeast Asia. HSBC will discuss the matter later this week but in the meantime has lost 4p or 0.6% to 679p.
In the US, trading has also been pretty strong, but is this time led by insurance and reinsurance firms after Everest Re Group suggested the industry's earnings may exceed expectations after all.
One stock to feel the benefits of such news was American International Group, which has so far climbed $1.71 to $56.21.
The S&P 500 rose 9.25 points or 1% to 901.26 while the Dow Jones Industrial Average is up 41.18 points or 0.5% to 8370.14 and the Nasdaq Composite index has added 9.98 points or 0.7% to 1434.35.
Everest Re, a Bermuda-based insurer, said earnings this year will be $7.75 to $8.25 a share, so Everest's share value is up a huge $8.22 to $69.67 while ACE - Bermuda's second- biggest business insurer which is also due to report earnings next Tuesday - has scooped $2.13 to $33.81 and XL Capital - reporting next Monday - added $5.19 to $84.90.
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