The UK's benchmark index the FTSE 100 ended an eventful week by climbing 117 points to 5403.1 and is...
The UK's benchmark index the FTSE 100 ended an eventful week by climbing 117 points to 5403.1 and is just 16 points up on last Friday's closing figure having hit a 33-month low of 5275.7 on Wednesday.
However perhaps a little alarming for investors is the last time the market was close to this week's low was 26 October 1998 when the market stood at 5231.5. However the bad news for investors today is that then the market was in recovery from its 5 October low of 4648.7.
There can surely be no doubt now that a recession is nigh, but try convincing the City of that or financial journalists of that and you can be quickly accused of hype. Technological and manufacturing job losses are no indication of the global slowdown that is spilling into the UK now.
Telecom stocks ending the week higher include Atlantic Telecom, which added 0.75p to 9p to extend yesterday's gain of 18% for the Scottish based telecom, Cable & Wireless gained 23p to 343p and Vodafone rose 7p to 142.5p.
British Sky Broadcasting climbed 31p to 776p to extend yesterday's gain with analyst Paul Reynolds increasing his earnings-per-share estimate for Europe's second biggest pay-TV group.
Huntingdon Life Sciences got a reality check last night from animal rights activists prepared to take their opposition to the research group to a higher level. Activist blocked the roads leading to the company's research labs and prevented workers from leaving.
Lloyds TSB added 25.5p to 687.5p, despite a 12% fall in first-half profit, gaining on optimism about rising in earnings for its insurance business. Other bank stocks up in value included Royal Bank of Scotland, up 46p to 1532p, HSBC 8p to 790p - the three stocks alone adding 14.3% in value to the FTSE 100.
In the US its three core indices opened with mixed results. The Dow Jones fell 14.34 to 10,441.29 while the tech focused Nasdaq added 5.52 to 2028.48 and the Standard & Poor's 500 climbed 2.71 to 1205.64.
Qualcomm gained $4.24 to 63.90, Verisign added $6.65 to 53.82, JDS Uniphase fell $1.47 to 8 and is the most active stock on the Nasdaq in midday trading.
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