The FTSE 100 posted a decent rise at midday boosted by the US's solid Nasdaq finish yesterday. Fu...
Further optimism was generated by the imminent prospect of a Federal Reserve interest rate cut in the US today. Tech and telecom stocks littered the risers table.
The FTSE 100 rallied 87.3 points to 5638.9.
Leading the FTSE 100 risers was telecom group Telewest with a rise of 9p to 125p. Telecom equipment supplier Marconi followed with a gain of 24p to 388p. Yesterday, Marconi slumped to levels unseen since October 1998 after its US peer Corning issued a profit warning. But Corning actually posted a rise in the US later swept higher by the tech and telecom optimism.
Utility companies took some falls in the FTSE 100 but this was largely because of profit taking and the general sway away towards new economy stocks.
But the outlook for utility groups should be pretty stable, with regulatory hurdles over for the time being. International Power was worst hit, down 9p to 235p.
Elsewhere, amongst the FTSE 250, shares in radio station Capital Radio were under the cosh and posted a fall of 92.5p to 922.5p. UBS Warburg inspired the sell off after it cut its rating for the group to sell from reduce as well as lowering its target price to 900p from 1,000p.
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