In a peremptory move to calm the market, Nokia moved up its earnings announcement by a week, which showed that pre-tax profit during the third quarter rose 43% to 1.34 billion euros and sales of mobile phones rose 59% to 5.46 billion euros. As if that weren't enough, the world's largest mobile-phone maker said it was heading toward a record-breaking fourth quarter.
Considering some of the gloomy pronouncements from competitors like
, the market rejoiced at this news. Nokia surged 9.10 euros, or 26%, to 44.10, dragging up the rest of the market with it.
In London, the
closed 71 points higher, or 1.2%, at 6,219, but the
was the undoubted star, posting triple-digit gains to end 116 points, or 3.5%, to the good at 3,331.
Telecom stocks blossomed as investors rotated out of some increasingly expensive-looking defensive sectors, such as utilities.
surged to close the session 15.75p higher at 269.
Alternative phone carrier
was on investors' buy lists, closing 45p, or 10.2% , higher at 485p.
led the gainers on the FTSE 250. The shares surged over 18.7p, or 18.7%, to 206, lifted by the announcement that it had extended an existing agreement with Vodafone.
initially gained sharply when the Blu mobile-phone consortium -- of which BT is a member -- confirmed that it would take part in the Italian auction for third-generation, mobile-phone licenses, which kicked off today. However, BT's shares retreated from their highs as the session drew to a close to end down 10.25p, or 1.5%, to 680.
Today's buying appeared to be as indiscriminate as Wednesday's sell-off. A broad raft of technology-related issues posted gains. IT services and software stocks jockeyed for top positions on the leader-board.
topped the FTSE 100 gains, finishing 175p, or 10.7%, higher at
Internet-security software company
reversed Wednesday's slump to end up 31p, or 7.0%, at 475.
In the media sector,
performed strongly ahead of Friday's third-quarter results. A bullish note from
Credit Suisse First Boston
helped: "We expect Reuters to report strong third-quarter growth," says the broker, adding that it is retaining its
14.00 price target and long-term "Buy" stance. Reuters also announced it has appointed Janusch Raft as chairman of its
wholly owned subsidiary. The shares rose 10.5% to
On the continent it was much the same story. The decision by the
European Central Bank
to leave interest rates on hold no doubt helped. The
in Paris ended up 129.1, or 2.2%, at 6,066.4 and the
in Frankfurt was up 114.3, or 1.8%, at 6,597.2 late in the German trading day. The Neuer Markt's tech-heavy
index was 193.9 higher, or 4.6%, at 4,432.4.
Nokia's results helped its rivals, with
closing up 5.30 euros, or 7.6%, at 74.80 and
up 7.59 euros, or 5.8%, at 138.34.
Telecoms also benefited.
rose 1.06 euros, or 2.8%, to 38.26,
closed up 4.80 euros, or 4.9%, at 103.00 euros and
surged 1.42 euros, or 7.1%, to 21.25.
On the other side of the results coin, German software maker
tanked 19.05 euros, or 7.8%, to 224.35, after posting its own less-than-thrilling, third-quarter earnings.