The Footsie opened with an improved view from the market this morning, as traders and analysts aw...
The Footsie opened with an improved view from the market this morning, as traders and analysts await news of another base interest rate by the Bank of England's MPC Committee.
The UK's benchmark rose 5.9 points to 5899.6 and the Techmark index advanced 0.49 points to 2,027.43.
A rise in the price of crude oil rose 3.1% in New York yesterday which has encouraged UK stock to rise as a result, led by BP, and Shell Transport and Trading Co.
Crude for June delivery advanced 84 cents to $28.23 on the New York Mercantile Exchange yesterday. BP, the third biggest publicly-traded oil company, rose 6p, or 1 per cent, to 622p this morning.
Despite moves in the oil sector, British Telecommunications Plc is dragging the FTSE after announcing plans to raise £5.9m in a share sale to existing investors.
Investors can buy shares in the 3-for-10 rights offering at 300 pence each. That's about a 47% discount to yesterday's buying price. The former monopoly also reported a fiscal fourth-quarter loss and announced plans to half dividend payments, and BT's price fell 13.5p, or 2.4 percent, to 552p.
In Asia, the Nikkei 225 stock average closed down 49.59 points, or 0.4%, to 14,035.26. NTT DoCoMo, the world's second biggest wireless company, affected much of the move within the tech stocks index, the Topix, as it announced profit growth will slow this fiscal year as competition intensifies.
Australia's S&P/ASX 200 Index also rose 0.9% today as Foster's Brewing Group Ltd. surged on a report Heineken NV is preparing a takeover bid for the country's biggest brewer. Foster's Brewing gained 4.6 percent to A$5.28.
Singapore's Strait Times index gained another 0.2%, led by Keppel Corp. on a report it may sell all its units except for its property business.
Movement was also small on Hong Kong's Hang Seng Index with a 0.2 percent rise being recorded to close the day at 13,614.70.
And in the US yesterday, stocks fell after Cisco Systems, reported its first-ever quarterly loss and declined to forecast fiscal 2002 results, reinforcing investor concern that the slowing economy is reducing companies' profits.
The Standard and Poor's 500 Index slipped 5.66 to 1255.54. The Dow Jones Industrial Average declined 17.05 to 10,866.46, it's fifth loss in six days.
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