LONDON -- Confidence in technology and telecom stocks returned to the market on Monday, but the bulls weren't exactly out in force and the trading was marked by low volumes and a certain lack of conviction.
In London, at one point the
was ahead by 104 points, but towards the end of the session uncertainty crept back in and at close of trade the index was up 51 points, or 0.8%, to 6257. Dealers said the prime mover the market was sentiment that the technology and telecom shares had been oversold of late. This could be seen by the
rise of 133 points, or 3.7%, to 3,779.
bounced back on reports it is to list its mobile division sooner than expected. No news of an IPO at an analysts briefing last week was taken as bad news and the shares came under pressure. But the latest talk helped the shares close up 15p, or 2.0%, at 750.5 ($10.88).
Elsewhere in the sector
ended up 6.25p, or 2.7%, to 242.25 and
got a boost after broker
Investec Henderson Crosthwaite
raised its revenue forecasts and gave the stock a 600p price target. Energis shares moved up 13, or 2.6%, to 515.
Software and chip companies were also among the leading gainers.
rose 69p, or 9.9%, to 769p, as it not only claimed back Friday's loss but its losses of the last 10 days. Another chip designer
rose 29.5p, or 7.4%, to 429.5.
The fall in the price of crude oil from the sale of some of the U.S. reserves hurt the shares of the major oil companies.
was off 14p, or 2.3%, to 595 and
retreated 17.5p, or 3.1%, to 550.
On the Continent the
in Paris closed up 84.2, or 1.4%, at 6,336.3 and the
in Frankfurt was up 43.0, or 0.6%, at 6,783.3 late in the German trading session. The Neuer Markt's tech-heavy
index surged 180.9 higher, or 3.5%, to 5,402.6.
The broader market was solidly lower, but the Dax was held in the plus column by strong gains from the index's few big tech and telecom issues.
was up 4.81 euros, or 3.2%, at 157.31 ($137.80),
rose 1.19 euros, or 2.1%, to 57.38 and software maker
was 15.60 euros higher, or 6%, at 276.20.
dipped 0.93 euros, or 1.6%, to 38.90, amid news it plans to acquire the U.K.'s
, but that loss was easily offset by
gaining 1.70 euros, or 4.4%, to 40.35.
Elsewhere in Europe telecom shares also powered ahead, with
ending up 7.30 euros, or 6.4%, to 122.30, and
closed up 1.15 euros, or 4.6%, to 25.95.