Footsie stages much needed rally
The FTSE-100 Index has staged a much-needed rally as London shares finally stemmed the downward spiral of the last week.
By the close, the Footsie was ahead 103.3 points at 5729.2, more than recouping the losses recorded during a dramatic session yesterday.
The London market had given a steady but spectacular showing earlier in the day - before a positive opening in the US sparked the FTSE-100 Index.
New economy stocks, which had borne the brunt of yesterday's falls, were among the main risers today, with investors possibly eyeing bargains after the slump of yesterday.
There was also a positive trading statement from Nokia to boost sentiment.
Telecoms group Colt Telecom sparked by over 6%, rising 58p to 996p, while Telewest Communications was also up, moving ahead 1½p to 126½p, and Energis 35p stronger at 360p.
Vodafone moved up 5¾p to 208p and Cable & Wireless stemmed the losses of the last two days with a 4p rise at 482p.
A number of tech stocks featured in the Footsie risers board, including Misys, up 40p at 610p, and Sage Group, 16¾p at 301½p.
Bank stocks also bounced back from concerns they may not be able to get back repayments from farmers affected by the foot and mouth disease.
Among them, Royal Bank of Scotland rose 44p to £15.50, the Bank of Scotland moved up 24p to 663p and HSBC jumped 38p to 860p.
