Telecom stocks spearheaded a modest rise for the FTSE 100 on Tuesday morning - the index pushed...
Telecom stocks spearheaded a modest rise for the FTSE 100 on Tuesday morning – the index pushed 33 points higher to 5234.
Mmo2 led the rise with a gain of 4p to 57p bringing its weekly gain to almost 9% and offsetting some of last week's 22% slump. The mobile phone group said it plans to save about $528m over the next five years by cutting the number of its suppliers.
Index heavyweight Vodafone added 4p to 120p to recover some of last week's 16% plunge while BT advanced 10p to 267p.
There were only a handful of losers at morning trade, predominantly among old economy stocks, and declines were capped at 1%.
Over in the US on Monday, markets closed moderately lower. The Standard & Poor's 500 hit a seven week low as it fell 8.46 to 1102.55. The Dow Jones slipped 97.15 to 10,093.67 while the Nasdaq shed 2.41 to 1753.78.
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