The FTSE 100 was slightly higher towards midday trade, up 10.7 points to 5020.5. There were few...
The FTSE 100 was slightly higher towards midday trade, up 10.7 points to 5020.5. There were few obvious trends to the morning's trade but the index was bolstered by strength in heavyweight oil stocks.
BP and Shell attracted buyers after the Organization of Petroleum Exporting Countries (OPEC) said it might cut oil supplies to support prices. BP and Shell both gained 2% to 526p and 578p respectively.
EMI led FTSE 100 gainers as recent heavy falls in the media sector were judged to have been overdone. The stock recovered 13p to 261p. Leading the FTSE 100 fallers was Logica, down 29p to 708p.
US stocks headed southwards on Tuesday as concern mounted that the war against terrorism will hurt consumer confidence and business. The Nasdaq was hardest hit as it posted its first decline in six trading sessions as buyers cashed in the recent gains that have been made in software and semiconductor shares.
Software giant, Microsoft fell after a judge rejected the group's appeal against its antitrust case. Microsoft fell $3.48 to $54.56.
At the end of trade, the Nasdaq fell 35.76 to 1570.19, the Standard & Poor's 500 dropped 5.69 to 1056.75 while the Dow Jones lost 15.5 to 9052.44.
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