British Telecom gained 1.8% in early trading to erase yesterdays drop and lift the Footsie. The p...
British Telecom gained 1.8% in early trading to erase yesterdays drop and lift the Footsie.
The phone company said it will share wireless equipment in Germany and the UK with Deutsche Telekom AG, and its shares immediately rose 7.5p to 433.
The Footsie gained 10.40 points to 5870.9.
Other shares to improve this morning included BP Plc and Shell Transport and Trading Co. after crude rose to a three-week high. BP, the world's third-largest publicly traded oil company, rose 6.5p to 646.5. Shell, which owns 40% of Royal Dutch/Shell Group, gained 6p to 639. Together the stocks added over nine points to the Footsie.
Crude yesterday rose 2.5% to $29.04 a barrel in New York, the highest closing price sine May 23.
Chappelthorpe dropped 1.5p to 14. The manufacturer of vinyl-coated paper products reported full-year loss per share of 4.23p, compared with profit of 3.61p in the same period a year earlier.
Japan's Nikkei stock average slid to a nine-week low after two US chip equipment makers became the latest companies to say sales will disappoint, raising concern local chip-related firms will follow suit.
NEC Corp paced declines. Mizuho Holdings Inc. and other banks also fell on skepticism Prime Minister Junichiro Koizumi can keep his pledge of helping banks write off bad loans in three years, given the weakening economy.
The Nikkei stock average slumped 386.38 to 12,840.10, its lowest since April 10. The Nikkei fell below 13,000 for the first time since June 5 and rounded off an almost 8% decline in the past month.
Yesterday's Nasdaq closed at 2170.78, down 44.32. The Dow Jones was at 10,922.09, a fall of 54.91 and the Standard and Poor's suffered too, dropping 10.57 to 1254.39.
This was the third drop in four days for US stocks, after DuPont Photomasks Inc and Varian Semiconductor Equipment Associates Inc said sales will disappoint investors.
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