LONDON -- After making an early move to 62,560, the FTSE 100 eased back to stand up 38 points at 6248 by midday as the market remains unsure whether the recent selloff is over.
is bullish. "We think the market will make headway these next three months," the bank wrote in a report Monday. "But also that it will be led by neither the
technology, media, telcos and electronics block nor the cyclicals."
J.P. Morgan notes that since last November, the TMT&E block has remained flat, while most cyclicals have underperformed. Yet the overall market has risen, driven primarily by the oil, drug, food and insurance sectors. Therefore, the bank argues, "Our current call shouldn't be that contentious."
TMT stocks were prominent this morning. As well as falling under the
Nasdaq Composite Index's
spell, the market has started to anticipate good news on the earnings front. Forthcoming results from European semiconductor stocks such as
are not expected deliver any nasty surprises.
Fiber optic company
was up 150p to
24.58 ($35.64), microprocessor designer
firmed 25p to 690 and
gained 7p to 269.5.
Internet service provider and portal
bounced off Friday's lows to gain 4.6% to 207.75p, making it the main index's biggest gainer.
was up 19.5 points to 3435.
London-listed Israeli tech stocks staged a comeback as tensions eased somewhat in the region and two companies --
-- announced good news Monday morning.
, an Israeli video compression company, were up 70p to
10.87, while those of BATM, an Israeli switching company, rose 25p to 515p. DMATek, an Israeli provider of electronic monitoring technologies, was up 18.5p to 220p and
, an incubator investing in Israeli start-ups, was up 0.5p to 22.25p.
BATM has been helped along by news this morning that it signed a distribution agreement for its VDSL products with a telecom services distributor in Scandinavia. Both parties anticipate generating initial orders of $500,000 over the next 12 months. BATM's CEO Zvi Marom said he expects to announce further orders in due course.
DMATek, meanwhile, announced a clutch of new orders valued at around $1.5 million to supply its electronic monitoring equipment for the U.K. home detention program.
Markets were mixed on the Continent. The
in Paris was up 11 points to 6075, but the
in Frankfurt was down 29 points to 6632.
French pay-TV firm
surged 9.00 euros to 174.00 ($147.90) following news Friday that its parent
has been given the all-clear by the
for the acquisition of
. Vivendi was unchanged at 84.50 euros.
Telco-related companies were higher.
was up 0.89 euro to 39.09 and
was up 0.80 euro to 77.00.
rose 4.00 euros to 105.00 while
was up a more modest 0.82 euro to 38.41.