Having snapped a four-day losing streak yesterday the FTSE 100 index this morning is up 47 points to...
Having snapped a four-day losing streak yesterday the FTSE 100 index this morning is up 47 points to 3,732 as investors continue to come back to the market as the US coalition waging war in Iraq once again looks increasingly likely to be striking out towards Baghdad.
Cable & Wireless leads the gainers with a 4p rise to 75p after announcing a new chief executive, Francesco Caio, to replace Graham Wallace who managed to oversee huge losses caused by overexpansion during the tech bubble years.
Despite yesterday's figures on falling manufacturing output in the UK, parts maker GKN is up 7.25p to 167.75p.
Vodafone is up again, gaining 2.25p to 117.75p, along with MmO2, which is up 1.5p to 47.25p as investors bet mobile telephony is doing better than expected.
Insurers are improving along with the rising stockmarket: Aviva is up 12p to 367p, Pru is up 9.75p to 325.75p, and Friends Provident is up 2.25p to 81p.
Canary Wharf leads the losers again, as it has done many times since its announcement earlier this year that its offices in London are standing increasingly empty – shares dropped 3.25p to 136p.
Shell is down 3.75p to 391p, although BP is up 7p to 422.5p.
Mid-cap stocks are also doing well, and the FTSE 250 index is up 28 points to 3,995.
British Airways leads the gainers with a 7.5p rise to 113p after overnight news indicating demand for flights between Asia and Europe many not be as bad as previously thought – one Malaysian cargo shipper is adding flights because competitors have cut theirs.
Competitor EasyJet is not far behind with a 9.25p gain to 224p, although it remains to be seen whether yesterday's vote in the US Congress to extend subsidies to US-based airlines is copied by the European Commission.
Tullow Oil has dropped 2.5p to 73.5p this morning on results news – profit rose 38% on the same time last year and the company says it is going to make more acquisitions to boost earnings.
US markets made gains overnight.
The Dow Jones Industrial Average index gained 77.73 points to close at 8069.86.
The S&P 500 gained 10.30 points to 858.48 and Nasdaq's Composite index climbed 7.13 points to 1,348.30.
Tokyo's Nikkei 225 gained 83.13 points to 8,069.85, while Hong Kong's Hang Seng managed a 66.11 points gain to 8,663, despite ongoing fears over the effects to the local economy of the SARS flu that is spreading rapidly through the territory and other parts of Asia.
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