Towards midday the FTSE 100 slipped 14 points to 5245 - as with yesterday there were no marked ...
Towards midday the FTSE 100 slipped 14 points to 5245 – as with yesterday there were no marked stock price movements but Telecoms and pharmaceuticals were noticeably weak.
Telecom stocks suffered marginally after sector bellwether Nokia said it has cut its first-quarter sales forecast in light of declines experienced in its network business. The group admitted sales from that division will be down around 25% against its former expectation of 20%.
The news saw UK index heavyweight Vodafone slip 2% to 137.5p which swiped around 8 points off the FTSE 100.
Amersham led the FTSE 100 fallers after it lost 4% to 706p. The group said it is to pay £704m in cash for Pharmacia's 45% stake in Amersham Biosciences. Amersham said it will sell 7.8% of its share capital, to fund the buy.
Over in the US on Monday, the Dow Jones hit a nine month high, which further suggests a growing number of investors reckon the US economy is rebounding. Looking at the past month, the Dow Jones has gained almost 9% and over the past two weeks the Nasdaq has recovered 12%.
The day was brightened by more encouraging economic data, this time a report revealed US wholesalers enjoyed their best gains in January for 19 months and inventories dropped to a two-year low.
On Monday, the Dow Jones added 38.75 to 10,611.24, the Standard & Poor's 500 lifted 3.95 to 1168.26 while the Nasdaq was flat, down 0.18 to 1929.49.
Financial stocks powered much of the day's gains - JPMorgan Chase fared particularly well, it added $1.56 to $36.30 and American Express advanced $1.08 to $41.55.
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