BT Group was the stock of today, following a recommendation from Banc of America that investors buy ...
BT Group was the stock of today, following a recommendation from Banc of America that investors buy the company's shares. BT led the UK market rise, and by close the FTSE 100 rose 2.50 points, or 0.1%, to 4330.
The FTSE All Share Index rose by 7.44 points, or 0.4%, to 2090.68, while the FTSE 250 gained ground by 24 points, to 4809.1.
BT's shares rose by 13p, or 6.3%, to 220.5p. According to analysts at Banc of America, who touted BT today, the telecommunication company's shares were driven too low because of concerns over BT's possible pension deficit and the fact that it does not have a mobile phone subsidiary.
Other winners today are Aero Inventory, makers of aerospace software. Shares surged 20p, or 5.8%, to 365p, after it announced it won a major contract, valued at £30million, with a Hong Kong company.
Shares of Ambient, owner of almost 2,000 cash machines in the UK, rose 16p, or 35%, to 62.5p, after it announced that one of its shareholdings, Moneybox, made profits.
The day hasn't been too great for Anglo American, the mining company, after shares fell 23p, or 2.9%, and Marconi, where shares fell a whopping 1.08p, or 30%, to 2.52p, a record low. More than 38 million shares changed hands, almost double the average amount traded daily for the last three months.
On the FTSE 250, Cookson, a supplier of circuit board components, saw its shares jump 16% as it sought to persuade shareholders to buy £277.5 million of new stock.. The company's shares rose to 25p. The firm is raising funds to reduce debt.
Another company to end the week well is Carphone Warehouse, where shares in the company rose by 2.5p, or 2.9%, to 88p. Before today, it had lost around 21% this year. The uptake is based on the company's announcement that it connected 24% more people in the last 12 weeks and that it has signed up more existing customers for extra services such as billing.
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