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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: BirdDog who wrote (44055)	11/8/2001 8:08:38 AM
From: Sully-	Read Replies (1) of 65232

FTSE 100 keeps slim gains after BoE rate cut LONDON, Nov 8 (Reuters) - Britain's FTSE 100 index held onto slim gains at midday on Thursday after a 50-basis point interest rate cut by the Bank of England, a larger cut than most economists had expected. The benchmark index was up 22.9 points or 0.44 percent to 5,239.2 by 1215 GMT, little changed from the level before the cut and testing resistance at 5,250 after six days of gains which have taken the index to two-month highs. ``A quarter point had been expected and people had been hoping for half a point, so in that regard it's good news. But it means we're unlikely to get another one next month,'' one dealer said. The Bank of England cut its benchmark repo rate to a 37-year low of 4.0 percent, in a bid to insulate the country from the threat of global recession, after a half-point rate cut by the U.S. Federal Reserve. Industry leaders had called on the MPC to cut rates by a half-point but most economists had expected a more cautious quarter-point move. The market was now waiting to see whether the European Central Bank would follow suit with a rate cut later in the day. Shell (quote from Yahoo! UK & Ireland: SHEL.L) rose 1.7 percent, BP (quote from Yahoo! UK & Ireland: BP.L) added 1.2 percent and the sector delivered 10 points of index upside, helped by a sharp rise in crude prices after Saudi Arabia said OPEC could easily make a bigger-than-expected supply cut. British Telecom (quote from Yahoo! UK & Ireland: BT.L) fell 3.3 percent after reporting a fall in second-quarter earnings and saying Finance Director Philip Hampton would leave next year, raising fears about a leadership vacuum.

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