After yesterday's attack by traders on Vodafone shares, the UK stockmarkets are climbing again, led by tobacco stock BAT.
A ratings upgrade from Deutsche Bank for British American Tobacco as well as improved sales for ITV has put a little confidence back into the FTSE 100 which was trading up around 0.4% to 4485 within the first hour. The FTSE 250 index is currently up 0.2% to 6179 while the FTSE All-Share index has gained 0.5% to 2236.
British American is so far up 48p or 5.8% to 871.5p, giving the firm its highest price since the company floated in 1998. Confidence is high after the US federal antitrust office approved R.J. Reynolds Tobacco Holdings’ $3bn takeover of the BAT’s US division.
ITV is also up 3.75p or 3.4% to 113.75p after announcing first-half advertising revenue rose 4.9% and expected to grow further thanks to Euro 2004.
WH Smith, however, has seen its share price fall as takeover talks with Permira are suspended. Its shares dropped 14p or 4.4% to 307p.
In Asia, it was Taiwanese stocks which saw the best of the gains after the US Nasdaq index rose 1% whereas the Kospi index lost 1% to 738.93, having earlier in the day gained 1.3%.
And in the US, as said earlier, the Nasdaq ended the day up 1% to 1,994 while the Dow Jones gained a fraction to 10,395 and the S&P 500 index added 4 points or 0.36% to 1,134.IFAonline
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