The FTSE 100 was 18 points higher to 5196 towards lunchtime on Tuesday. Few stocks declined ...
The FTSE 100 was 18 points higher to 5196 towards lunchtime on Tuesday. Few stocks declined and losses were nominal save for Imperial Tobacco, which slumped 16%. Tech stocks fared particularly well with Arm spearheading the leader board.
City sentiment was lifted by news that Israel has ordered its forces to leave two West Bank cities, thereby easing concern of oil supply disruption and subsequent global recovery setbacks.
UK tech stocks took cheer from a reasonable day's trade on the Nasdaq yesterday. Arm led the FTSE 100 with a 13p rise to 287p, Sage gained 9p to 217p and Logica added 8p to 424p.
Imperial Tobacco stood out as the only major loser with a fall of 183p to 962p.
Over in the US on Monday, markets finished relatively flat.
Crude oil gained for the first time in four sessions in the wake of Iraqi President Saddam Hussein's statement he will freeze oil exports for 30 days to protest Israel's incursion into Palestinian territories.
Big news of the day was an International Business Machines announcement bombshell. The group said profits had disappointed - first quarter earnings were between 66 cents and 70 cents a share, well below
analyst expectations. IBM plunged 10% to $87.41, its sharpest decline since October 2000.
By the close of trade the Standard & Poor's 500 crept 2.56 higher to 1125.29. The Nasdaq
fared best with a 15.84 advance to 1785.87 while the Dow Jones fell 22.56 to 10,249.08, wounded by IBM,
which represents 6% of the index.
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