The London Stock Exchange was showing signs of recovery today following yesterday’s tech-led bloodbath that saw the FTSE-100 Index of leading stocks lose 160.7 points. After the first hour, the FTSE was ahead 18.3 points at 6239.7, shrugging off overnight losses in the US.
A mixed bag of stocks were taking the market higher, led by telecoms firm Telewest Communications, up 5p at 111p. But it was retailers that were most firmly in the spotlight, with New Look, Mothercare and Safeway all posting results.
Safeway, after reporting a 10% increase in half-year pre-tax profits, saw its shares lift a marginal 1p at 315p. And New Look, which saw profits dip following a “difficult and frustrating” six months, rose 1p at 64p as the group outlined a clear three-point strategy for recovery.
But Mothercare, reporting its first set of results since changing its name from Storehouse, was down 2p at 141p. The group said it planned to spend £20m pa as it expanded its large-scale Mothercare World store format.
And fixed line telecom service Fibernet saw its shares fall 18%, or 245p at £10.82, despite turning a full-year loss last year into a profit this time round. The group said it planned a rights issue to raise £77m to create a new network in France and expand its activities in the UK.
EGi News 23/11/00
