Footsie rises as investors snap up tech stocks
Investors have piled into technology shares on the London Stock Exchange on the back of a good session last night on the US Nasdaq index.
The rises helped the FTSE-100 Index to climb a healthy 49.3 points to 6164.2 by mid-morning.
Computer services group Logica jumped 127p to £16.27; Dimension Data was 23p higher at 422p; and chip designer Arm was up 29.50p at 549p.
Software companies were also on the up, with Autonomy rising 138p to £20; Sage 13.75p higher at 333.75p; and Misys 24p ahead at 614p.
Telecoms giant Vodafone was 6.50p ahead at 233.25p; while telecoms equipment groups Marconi and Energis were up 29p at 707p and 19.50p at 551.50p respectively. Among FTSE-250 stocks, Freeserve added 7p to 127p; while Thus was up 4p at 66p.
Away from the techs, investors were also out shopping at supermarket chain Sainsbury, which lifted 4% following a bullish trading statement. Shares in the group rose 15p to 364p.
Regional rival William Morrison was also ahead - up 4.25p at 185p - as the City digested its strong trading statement, published after the close of trading on Thursday.
Discount retailer Matalan recovered some of Thursday's massive 34% fall on the back of its Christmas trading statement. It lifted 6%, or 27p, at 507p as investors bought into a stock now seen as looking cheap.
But Body Shop International was not so lucky after it issued a profits warning on the back of poor Christmas sales figures. Shares were down 26.50p at 94.50p after it said lower-than-expected sales of new lines, along with weather and transport disruption, would mean profits being up to 15% lower than last year.
Clothing retailer Austin Reed perked up 3p at 95.50p following its Christmas trading statement, which showed sales ahead 4%. But department store group House of Fraser slipped a penny to 62.50p, despite saying like-for-like sales had risen 4.5%.
