Beleaguered telecoms giant Marconi moved ahead 7% on the London market today after announcing the results of its operational review.
The company, which has seen its share price tumble since a profits warning in July, said both chief executive Lord Simpson and chairman Sir Roger Hurn would be resigning from the board as a result.
Other changes include 2,000 further redundancies and a sharper focus on its core network communications business, with cash generation a priority.
Marconis rise of 4p to 58p came during a strong start to trading on the FTSE 100, with the index of leading shares ahead 62.6 points at 5374.7. The surprise merger of computer giants Hewlett-Packard and Compaqs appeared to boost sentiment towards tech and telecom stocks.
New economy shares dominated the FTSE risers board, with Marconis rival Spirent seeing a rise of 6.5p to 130.5p.
Other telecoms on the up included Colt, ahead 18.5p at 207p, Energis up 5p at 78.5p, Vodafone 5.5p stronger at 140.5p and Telewest 2p higher at 55p.
Among tech shares, Arm Holdings rose 18.5p at 287p, Sage gained 6.5p at 212.5p and Logica picked up 26p at 738p.
Only a handful of FTSE companies were heading south but these included the television companies Carlton Communications and Granada, down 5p at 299.5p and 2p at 143p respectively.
Among companies reporting results today, Associated British Ports fell 4.5p at 425p despite seeing a 8% in half-year underlying pre-tax profits.
EGi News 04/09/01
