LONDON -- The market is firm, with media stocks in the spotlight following the confirmed merger between advertising agencies Saatchi & Saatchi and Publicis of France. The share-swap deal theoretically values Saatchi at 500p per share, and the shares by midmorning were up 21.5p to 442.5 ($6.68).
In that wake,
climbed 20p to
gained 46p to
moved up 15p to
rose 37p to
reiterated its buy stance.
made steady, if unspectacular, progress to stand 38.3 points up at 6528.5 following gains overnight by both the
. Tech stocks also were higher with the
up 63.1 points to 3420.5.
Leading the tech stocks was a newcomer to the Footsie index,
, which gained 70p to
continued to rise, up 41p to 611, following reports that it will float its
mobile phone venture ahead of schedule.
Telcos got a boost from a rise in
of 12p to 968 as the market heard that BT has, for 14 years, owned a crucial U.S. patent to one of the key building blocks of the World Wide Web. BT has now decided to commercialize the invention and analysts believe it could be worth hundreds of millions of pounds.
was 6p ahead to 318.
Europe's other major stock markets were higher early Tuesday, with the
in Frankfurt up 54.30 to 7253.10 and the
in Paris 61.40 higher to 6566.56. The
index was up 60.1 to 6458.3.
Blue-chip German tech shares were higher, with software maker
up 20.50 euros to 643.50 ($616.12),
up 3.08 euros to 162.33 and
3.41 euros higher to 86.71.
In Paris, conglomerate
fell 7.45 euros to 89.00, after announcing it would merge with
in a $34 billion deal.
Many European telcos were in positive territory.
was up 0.42 euro to 21.92 and
rose 4.30 euros to 160.30. However,
was down 0.14 euro to 65.86.