Stocks in the UK gained this morning after analysts recommended investors buy Vodafone, sending the FTSE 100 index up 30.1 points to 6,216.70.
Vodafone gained 2.4% to 138.75p after analysts at Deutsche Bank upped their share price target to 155p on the back of results yesterday, which beat many profit expectations.
Big oil helped too, with Shell up 0.7% to £18.82 and BP up 0.4% to 595.5p.
Land Securities added half a percent in value to £21.75, while music group EMI put on 1.75p to 275p. Results show earnings are down in the first half of the year, but not by as much as expected.
Retail did less well, with Sainsbury’s down 2.75p to 409.75p, and Kingfisher down 5.25p to 266.5p.
Shares gained across Europe this morning following comments overnight in the US suggesting interest rates there are unlikely to rise again in the near future.
Germany’s DAX index added 34.74 to 6,422.12, helped by results from Europe’s biggest chip maker Infineon Technologies, which reported better than expected profits. The company added 32 cents to 9.79 euros.
Earlier, Hong Kong’s Hang Seng index closed above the 19,000 points level for the first time ever, on investor hopes Chinese telecoms businesses will continue to report sales and profit growth. The index closed at 19,093.
Fears of fiscal policy changes and higher taxes hitting key businesses such as railway operating companies helped drive Tokyo’s Nikkei 225 index down 0.3% to 16,243.47 by the close.
Last night the Dow close up 86.13 points at 12,218.01, led by DIY chain Home Depot, which gained $1.56 to $37.96. Intel added $0.88 to $21.88, while Wal-Mart rose $1.34 to $47.66.
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