Trading on the FTSE 100 is pushing towards the 4200 points barrier this morning as strong moves for ...
Trading on the FTSE 100 is pushing towards the 4200 points barrier this morning as strong moves for Barclays and MMO2, as well as positive reports from Jarvis, are helping to lift other stocks.
The FTSE 100 is currently up around 34.8 points or 0.8% to 4184.9 thanks largely to MMO2, the mobile phone firm which has gained 1.75p or 3.1% to 58.75p and Barclays which rose 12.5p or 2.8% to 464p within the first hour of trading this morning.
Main news this morning is that Chubb, the security firm, is being sold to US aeronautical group United Technologies Corp for $1bn in cash as part of the group's bid to diversify from aviation. As a result, Chubb shares are up 2.25p or 3.1% to 75p.
Jarvis , the engineering contractor which is responsible for some of the maintenance work on the London Underground and National Rail lines, announced today its full-year profit rose 27% to £39.1m. Extra government contracts have boosted its share price by 10.5p or 3.1% to 346.5p.
And fellow engineering group Babcock International is also up 6.5p or 6.3% to 109p so far as it has made a full-year profit compared with a loss last year.
In the US, prospects of a rate cut for the US economy boosted trading to leave the Dow Jones up 128.33 points or 1.42% to 9,183.22 yesterday. The Nasdaq followed suit and rose 18.35 points or 1.13% to 1,646.02 while the S&P500 index closed up 12.64 points or 1.28% to 997.48.
And in Asia, confidence that a rate cut is on the way in the US has sparked strong gains for firms dependent on exports.
Samsung Electronics and lesser known firm Asustek Computer saw the best improvements, helping to lift the Nikkei 225 index by 0.3%, having earlier in the day managed to gain 1.3%.
Meanwhile, the South Korean Kospi gained a 1% rise and a five-month high as it added 6.66 points to 657.95 and the Taiwan Straits Times Index climbed an extra 1.5% by close of business, as it added 1.7% to 1473.12. Hong Kong's Hang Seng index also gained 0.8% to 9743.01.
Canon, which relies on overseas sales for 70% of its revenue, rose 1.3% to Yen5,500. Nissan, which is now 44% owned by Renault and takes two-thirds of its overseas sales from abroad, gained 0.7% to Yen982.
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