The FTSE 100 index is down about 21 points to 4,435 after demonstrations of new mobile phone technology failed at the CeBit technology fair in Hannover yesterday afternoon.
MmO2 is down 3.25p to 98.5p after attempts to show off the capability of its third generation, 3G, technology resulted in numerous failures to download video to a mobile phone. Dutch mobile network operator KPN this morning meanwhile said it would not increase its offer to acquire MmO2 beyond the price already discusses, which the UK firm’s board has already rejected as too low.
Hilton Group is down 3.5p to 216.25p following its admission yesterday that hotel room rates may not recover for another couple of years.
Rio Tinto is down 21p to 1,357p after declaring force majeure on exports from major mines in Western Australia, flooded by a cyclone that hit the area this week.
WM Morrison is up 5.75p to 259p after reporting another year of rising profits, and says it will start rebranding Safeway supermarkets soon following the successful acquisition of its bigger competitor.
Daily Mail & General Trust gained 6.5p to 672.5p after reporting a rise in advertising revenue, helping send other media stocks up.
Pearson, publisher of the Financial Times, is up 6p to 605p, while Reuters is up 5p to 386p.
Man Group, provider of hedge funds, is up 12p to 1,677p after Citygroup raised its share price target to £19.
Shares gained in the US overnight, sending the Dow Jones Industrial Average index up 115.63 points to 10,300.30. The broader S&P 500 index climbed 13.05 points to 1,123.75, while the technology heavy Nasdaq Composite added 33.76 points to 1,976.76.
Shares rose in Tokyo too, sending the Nikkei 225 index up 47.42 points to 11,484.28.
Hong Kong’s Hang Seng index fell, however, shedding 159.53 points to 12,816.19. Telecoms played its part in this market too, as China Telecom said it might sell up to $3bn worth of shares to fund the acquisition of regional networks from its parent company in the PRC.IFAonline
Vitality at Work scheme
Reporting to Steve Hill
Appointed on 19 September
Plans to double size in five years
Unnamed company valuation reduced