LONDON -- Monday morning, telecom and technology stocks bolstered European markets, which were being weighed down by a slide in oils.
In London, the
traded 87 points higher to 6292.90 -- a shade above technical resistance at the 6280 level. The recently volatile
, buoyed by Friday's sparkling performance from the
, moved 124 points higher to 3770.
Oil stocks took a pounding after the crude price fell following
order to release crude stockpiles. Although the amount of oil is relatively small, the move is significant. It knocked
down 6.5p to 602 and
off 13.5p to 554.
On the positive side,
was higher this morning on reports it is near to deciding a date to float off its mobile arm, which will be sooner than expected. If the reports are true, it would free up much-needed cash. The shares are up 18p at 753. This enthusiasm has spread to other telcos.
rallied an impressive 9.5p to 245.5 and
rose 105p to
Tech stocks, in particular chip-related issues, rebounded from Friday's losses following
climbed 55p to 755 and
gained 11p to 411. This is partly due to reason returning to the markets as investors realize that these companies design chips predominantly for mobile phones, unlike Intel, which makes chips for PCs.
The recent mergers in the financial sector are inevitably throwing up the question of who's next.
was up 28p to 957, echoing last night's
storming performance on the
. Speculation of a tie-up with
noted in the
gave the stock a further boost.
On the Continent, the
in Paris rose 59.96 to 6318.54 and the
in Frankfurt gained 63.59 to 6803.84. The
index surged 210.2 higher, or 4%, to 5431.9.
With most of the broader market lower, the Dax was being held in positive territory by strong gains from its few big tech and telecom issues.
picked up 5.24 euros to 157.74 ($138.81),
rose 1.55 euros to 57.35 and software maker
was 7.90 euros higher to 268.50.
dipped 0.93 euro to 38.90 amid news it plans to acquire the U.K.'s
, but that loss was easily offset by
gaining 1.96 euros to 40.61.
Elsewhere in Europe, telecom shares also were powering ahead, with
up 5.20 euros to 120.20 and
up 1.00 euro to 25.80.