The UK's benchmark index finished the day above its opening score despite trading lower for most of ...
The UK's benchmark index finished the day above its opening score despite trading lower for most of it. The FTSE 100 closed 72.6 points up at 5535.7 having lost as much as 108.8 points earlier today.
Telecom stocks edged the market higher while Railtrack posted loss and has now lost 35% in value alone this week. Vodafone climbed 10.5p to 196p, British Telecommunications gained 35p toi 514p and Marconi rose 36p to 336p.
Railtrack declined another 32p to 448p. On Monday the stock fell a record 17% as investors balked at conditions attached to a £1.5bn cash subsidy from the Government to make track repairs.
Prudential climbed 51.5p to 795.5p, after the insurance group's earlier bid of $36.80 a share for American General was topped by AIG and a bid of $46 per share. Should Pru walk it can look forward to a $600m windfall.
ICI fell 12p to 393p after its subsidiary Glidden and seven other manufacturers of paint that contained lead are to appear before a US court on allegations of concealing health dangers. Oil giant BP Amoco fell 9p to 553p. Its subsidiary Atlantic Richfield is another one of the co-defendant.
GlaxoSmithKline lost 42p to 1,758p on news its experimental drug Gavenstinel failed to help in the recovery of patients suffering a stroke. Logica lost 25p to 825p after an analyst cut his earnings forecasts for the next two years.
Savoy Asset Management dropped 87.5p, as much as 35%, to 160p after saying it expects earnings to fall below 2001 expectations.
After a shaky start the three US core indices are now trading higher. The Dow Jones rose 77.58 points to 9563.29 while the Standard & Poor's 500 rose 6.98 to 1113.44 and the Nasdaq increased 11.35 to 1684.35. Stocks trading higher include Cisco, which climbed 38 cents to $14.13 and Pfizer added 79 cents to $39.81.
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