It's all good news on the UK's benchmark index this morning and stocks are on the rise again after a...
It's all good news on the UK's benchmark index this morning and stocks are on the rise again after announcements from Prudential, BskyB and Misys pushed the index back above the 5,100 marker.
Prudential saw it share price rise by 3.7% this morning to 762p after announcing it was selling its general insurance division and cutting another 2,100 jobs, alongside the 2,000 job losses announced in February (separate story on Prudential to follow later this morning).
British Sky Broadcasting Group also rose by 3.8% to 775p after the pay-television firm, largely owned by News Corp, said is fiscal first-quarter losses narrowed to £94.8m from £128.m in the pervious year.
Misys, the financial services and IT firm, gained a huge 5.9% to 277.5p after an analyst from Morgan Stanley Dean Witter suggested the IT division may have signed three financial software contracts in Germany in the past three months. Misys had announced earlier this year that it expected its sales of financial software to slow considerably.
Easyjet has also seen its share price rise again, this time in positive response to the sale of 39 million share at 375p each. Analysts and traders reacted negatively a few days ago when Stelios announced his family would sell these shares.
Technology stocks and the biggest names in the market made huge gains in the US yesterday after Microsoft negotiated a deal with the Justice Department to settle its anti-trust dispute, and the government announced it would stop selling 30-year debt.
The S&P500 index saw almost 10% of its growth as a result of Microsoft's surging position yesterday, and the software giant jumped $3.69 to $61.84, keeping it as the top performer on the Dow Jones.
General Electric, Intel Corp and AOL Times Warner also climbed alongside Treasuries, as bonds had their biggest two-day gain since 1987.
The Dow Jones rallied 188.76 points or 2.1% to 9263.90 and the Nasdaq climbed 56.1 points or 3.3% to 1746.30 after the US government said it would stop selling 30-year Treasuries to drive down interest rates and lower borrowing costs for consumers and companies so the Us can build a quick economic recovery.
Such happy movements in the US have inevitably had a similar impact in Asian, where technology stocks led the rise in Tokyo.
Although companies such as Advantest and Taiwan are struggling to meet profit estimates, an industry report helped to boost share prices after it was revealed global semiconductor sales fell at a slower pace in September than initially anticipated.
The Nikkei 225 stock average gained 0.4% for the first time all week adding 36.5 points to 10,383.78, and Hong Kong's Hang Seng moved in a similar direction thanks to the surge in Treasuries.
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