European Midday Update: Markets Get a Boost From Dow's Late Surge - TheStreet

European Midday Update: Markets Get a Boost From Dow's Late Surge

Positive trading statements don't hurt either, as telcos continue to boost the bourses.
Author:
Publish date:

LONDON -- The

Dow's

higher close Tuesday prompted a firmer start to proceedings in London Wednesday morning. Throw in some positive trading statements, and the market may even break its three-day losing streak.

The

FTSE 100

began 23 points higher and has since moved further ahead. By midsession, the index stood 122.5 points higher at 6137.2.

A penny on the

Vodafone AirTouch

(VOD) - Get Report

share price equals nearly 3 points on the Footsie, so with Vodafone up 16.5p to 360.5, that's nearly 50 points of the index's rise accounted for.

This morning's star performer was software firm

Logica

, which rose 198p to 24.80 pounds after revealing a 63% leap in interim profits and a 30% dividend increase.

Baltimore Technologies

gained 787p to 135.25 pounds after announcing revenue of 23.3 million pounds and a security products deal with

Compaq

(CPQ)

, but the profit-takers moved in and by midsession the price was down 87p on balance to 126.50 pounds.

The

Techmark

index of leading tech stocks was up 114.3 points, or 2.4%, to 4971.1.

Standard Chartered

brought some cheer to the banking sector with a gain of 37p to 748. The market liked both annual profits of 507 million pounds and the company's statement that the recovery in Asia will support expansion and restore profit growth.

Barclays

(BCS) - Get Report

initially caught the mood and rose 29p to 15.05 pounds, but has since slipped back to stand just 9 higher on balance at 14.85 pounds.

Prudential PLC

was up 44p to 983 after the market got more excited about the insurer's plan to float a minority stake in

Egg

, its online banking arm, than annual profits of 776 million pounds, which were in line with expectations.

The Continent's major stock markets were solidly in the black, in a game of catch-up with Wall Street's late rally Tuesday. The

Xetra Dax

in Frankfurt was up 129.01 to 7736.95, and the

CAC

in Paris was 73.86 higher at 6037.17.

Telcos around the Continent were higher, with

Deutsche Telekom

(DT) - Get Report

up 1.96 euros to 87.55; Spain's

Telefonica

(TEF) - Get Report

in Madrid was up 0.25 euros to 28.35; and

France Telecom

(FTE)

was 2.30 euros higher to 162.90.

Germany's blue-chip tech stocks were also doing better.

Siemens

(SMAWY)

soared 9.35 euros to 174.45,

Epcos

(EPC) - Get Report

moved 0.90 euros higher to 147.90, and software maker

SAP

(SAP) - Get Report

was up 5.30 euros to 868.80 euros.

Shares of German utilities fell prey to profit-taking after surging more than 10% Tuesday over possibilities they could offer broadband voice and data services along power lines.

Veba

(VEB)

was down 0.50 euros to 52 and

Viag

(VGAGY)

fell 0.58 to 20.52.

Carmaker

Volkswagen

(VLKAY)

fell 2.10 euros to 42.90 after releasing disappointing numbers after the bell Tuesday.