Eurotunnel reported its first-ever profit today and was rewarded with welcome boost to its share price.
The stock, which had begun to rise on Friday in anticipation of the results, rose 4.5p to 103p in the first few minutes of trading.
The rise was not reflected in the wider market. Following the slip on Wall Street on Friday the FTSE-100 Index of leading London shares opened in the red down 38.2 points at 6244.
The outcome for the day however remains unclear as a strong rally on Wall Street this afternoon could yet boost the London Index.
Cable & Wireless saw its shares dip sharply – down 75.5p to 755p – after German conglomerate Veba announced it planned to sell its 10% stake in the group.
BT also fell – shedding 49.5p to £10.35 – as did Colt Telecom – down 15p to 975p.
Electronics group Fairey reported its first ever fall in operating profits after 10 years of uninterrupted growth. The group saw pretax profits ahead following the sale of the group’s aerospace business.
Shares in Fairey fell 28p to 296p.
Entertainment technology company Superscape VR saw its shares dive 36p to 154p, a 19% drop – after it warned of a slower second half to the year due to the weak Asia Pacific economy.
PA News 15/03/99
