LONDON -- U.K. technology, media and telecom stocks may well have been expected to lead the charge higher Monday following the Nasdaq's surge on Friday, but while several did feature at the top of the
leader board, that didn't tell the whole story of what was a pretty impressive day for London's equity market.
By the end of the session, the FTSE 100 was up a healthy 76 points at 6,286 after a broad-based rally, but the
looked a relative laggard, as it posted a gain of just 31 points to 3,447.
The tech and telecom leaders included fiber-optic company
, which topped the leader board as it closed up 233p, or 10.1%, at
Chip designers also performed well even though
was being punished in U.S. markets by broker downgrades.
added 42p, or 6.3%, and
rose 16.5p, or 5.1%, to 337.5p.
were also among the top performers. Energis added 22.5p, or 5.3%, to 444.5, while Colt finished 100p, or 5.5%, firmer at
ended up 5p, or 1.9%, at 262.75.
Yet that was only half the story. The broad rally in the U.K. included the retail and bank sectors.
, the U.K.'s largest supermarket chain, rose to an all-time high of 261.75p after an upgrade from
before settling up 10.75p, or 4.3%, at 259.5.
showed the way in the banking sector as it rose 37p, or 4%, to 971p.
closed 4.5p, or 3.6%, firmer at 130.5p as it reported growth in customers but, alas, also higher losses for the third quarter.
Considering today's action,
issued a timely research report. The bank argued that it felt the U.K. market would post a strong rise in the fourth quarter, but that it would not necessarily be driven by the technology, media, telecoms and electronics bloc. In short, J.P. Morgan pointed out that the market could still rise, as it has over the last 12 monhs, even if the TMT&E sector remains stagnant or heads lower.
Europe's other stock markets closed out Monday on a mixed note. The
in Paris closed up 23.8, or 0.4%, at 6,088.0 but the
in Frankfurt was off 61.9, or 0.9%, at 6,599.3 late in the German trading day. The Neuer Markt's tech-heavy
index was 58.1 lower, or 1.3%, at 4,304.7.
Big telecoms had a good day across the Continent, however, as
climbed 0.91 euros, or 2.4%, to 38.50 ($32.96),
closed up 1 euro, or 1%, at 102 and
rose 0.47 euros, or 2.2%, to 21.99.
Equipment makers also did well.
rose 1.75 euros, or 2.3%, to 77.05 and
surged 2.43 euros, or 6.7%, to 38.65 after being sold heavily last week.
German technology shares remained under pressure despite the Nasdaq's rally Friday.
was down 5.19 euros, or 3.5%, at 143.80,
was 2.35 euros lower, or 4.5%, at 49.60 and software maker
was near unchanged at 246.35 euros.