LONDON -- Usually when the U.S. sneezes, London catches a cold. But despite Kodak's profit warning the FTSE 100 was up a healthy 74 points Wednesday at 6287.2, buoyed by big oils, telecoms and pharmaceuticals. The Techmark index of leading technology shares was cautiously optimistic midday, 15.92 points higher at 3742.83.
A broad-based rally in telecoms heavyweights
shored up a market facing declines in a number of prominent media and technology stocks. Vodafone climbed 9p to 254 ($3.72), while BT recovered poise to crawl back into positive territory to trade 2p higher at 742.
Oil stocks also lubricated the tentative rally. In spite of continuing uncertainly surrounding oil prices,
rose 4.5p to 605, while the shares of the other major UK integrated oils stock,
, rose 9p to 555.
Drug stocks shrugged off the bluster from politicians in America. Both incumbent President Clinton and hopeful Al Gore are making antidrug company noises, but
climbed 29p to
19.93, while future partner
rose 13p to 904. Anglo-Swedish giant
looked fitter, also reversing yesterday's loss, to trade 75p higher at
Technology stocks don't know whether they're coming or going. Investors dropped
in anticipation of first quarter results due tomorrow. The stock headed south, falling 7p to 247. IT services and software group
dipped 5p to
11.40. Meanwhile rival
rose 79p to
The increased liquidity of
stock was showing no signs of reducing its volatility as its share price bounces back from a 70p fall in early trade to gain a remarkable 151p to
Europe's other major stock markets were posting modest gains as well at midday Wednesday, as the
in Paris was 72.9 higher at 6366.9 and the
in Frankfurt was up 77.1 at 6842.1 late in the German session. The Neuer Markt's technology-heavy
index, however, was down 24.8 at 5312.4, after the
Nasdaq Composite Index's
poor performance Tuesday.
Europe's largest Internet service provider
fell 0.59 euros to 25.50 ($22.50) amid reports the company's chief financial officer was preparing to resign. The CFO's departure would be the third of member of T-Online's board to leave recently due to disagreement over strategy with the ISP's parent
. DT was up 1.10 euros at 39.50.
Other telecoms were mostly higher, with
up 0.24 euros at 23.09 and
up 2.60 euros at 121.50.
, however, was down 0.77 euros at 25.18.
rose 0.68 euros to 10.68, after it was upgraded to strong buy by
was up 0.90 euros at 60.00 and software maker
was up 9.10 euros at 280.50.