Positive news for Microsoft and Motorola has lifted the FTSE 100 away from its seven-day low this...
Positive news for Microsoft and Motorola has lifted the FTSE 100 away from its seven-day low this morning, to bring the UK index up 52.1 points to 5444 points.
Having posted its lowest close yesterday since March 22, the FTSE is showing strong gains for the technology and telecoms sector, with ARM up 17p or 8.3% to 222p, Cable & Wireless up 15p to 382p and Gresham Computing up 2.75p or 12% to 25.75p even though the firm says market conditions "remain difficult". Its half-year loss per share narrowed to 1.71p from 6.06p in the same period last year.
Firms such as Marconi and Netcall are also up 4.75p to 111.25p and 2.5p to 21p, however, the largest market jump has been in the Asian markets today, which reacted warmly to Microsoft's announcement yesterday it has beaten sales forecasts, and news that Motorola's losses are lower than expected.
The US markets closed down yesterday even despite Microsoft's announcement, however, after hours trading served to boost Asia.
The Dow Jones fell 0.2% or 9.46 points to 1172.06 while the Nasdaq dropped 0.8% yesterday to 1946.81, bringing its month-to-date loss to 10%.
Hopes of a rebound in computer-related stocks boosted the Nikkei 225 index 3.4% to post its largest gain in two months, closing up 402.84 points to 12,407.95. Sony also rose on the back of strong US news, alongside firms in Taiwan which help to produce parts for Motorola.
Softbank, one of the largest global backers of internet companies, helped to boost the Nikkei after Yahoo Japan - which is 20% owned by Softbank - topped analysts forecasts for the 2nd quarter. Yahoo Japan gained 15% to Yen 3.83m in the Jasdaq over-the-counter market.
The Hang Seng Index rose 0.9% or 112.97 points 12.640.87, after a three-month low yesterday, producing gains for Samsung Electronics and China Mobile.
The Singapore Straits Times Index closed up 85.25 points to 4633.54 on the back of gains for firms working with Motorola. Australia's S&P/ASX 200 index also rose 0.4% to 3392.60.
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