The FTSE 100 gained 38.3 points to 5139 on Tuesday. Pearson led London's leading index ...
The FTSE 100 gained 38.3 points to 5139 on Tuesday.
Pearson led London's leading index as concerns over the sale of its FT Business division were seen by many to be a good opportunity to buy the stock. Morgan Stanley Dean Witter & Co. also helped after it raised its recommendation on the group for a second day - this time from neutral to outperform. The stock advanced 47p to 773p adding to yesterday's 4.7% gain. The rise is helping the stock to recover from the 47% plunge it's suffered over the past 12 months.
Media stocks fared well for a second day as investors bet that any rebound in economic growth will generate a demand for advertising. Granada rose 4.25p to 113.5p.
Amersham fared well as it rose 6% to 722p. The group said 2001 profit doubled due to increased sales of its technology.
Over on Wall Street the recent upsurge in investor confidence was nipped in the bud today after the Conference Board said the consumer confidence index fell this month to 94.1 from a post-September 11 high of 97.8 in January, a five-month high.
This loss in confidence undermined optimism for an economic rebound and impacted all the major indices. At midday the Dow Jones traded 67 points lower to 10078, the Standard & Poor's 500 slipped 5 to 1104 and the Nasdaq dropped 16 to 1753.
First mentioned in Cridland Report
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