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December 24, 1998
U.K. Telecom Cos Top FTSE 100 1998 Performers List
Dow Jones Newswires
LONDON -- Telecommunications companies are so far the best performing U.K. blue-chip stocks in 1998 with industrial groups at the tail end of the list, according to a survey released Wednesday by Datastream/ICV.
Colt Telecom Group PLC (COLTY) topped the FTSE-100 list after its share price rose 498% to 920 pence from 153.75 pence over the year. The company said in October that it had tripled third-quarter profits to GBP61 million.
Orange PLC (ORNGY), Telewest Communications PLC (TWSTY), Vodafone Group PLC (VOD) and British Telecommunications PLC (BTY) made up the rest of the top five.
Tobacco companies also figured highly, with British American Tobacco PLC (BTI) and Imperial Tobacco Group PLC (ITY) taking eighth and eleventh places.
Shares in BAT rose 5% after the U.S. tobacco industry signed a compensation agreement last month that ended a number of lawsuits brought by a group of U.S. states over public-health costs. Investors welcomed the news that tobacco companies would finance the $206 billion settlement by raising tobacco prices.
However, Imperial Chemical Industries PLC (ICI) trailed the field, with BTR PLC (U.BTR) in tow. Industrial stocks have fallen prey to a strong pound, Asian economic woes and a decline in U.K. manufacturing.
ICI shares are down 44% on the start of the year, while BTR is off 36%. British Airways PLC (BAB) and Marks & Spencer PLC (U.MAR) were also among the bottom five, at 96th and 97th respectively.
The FTSE 100 index was itself up 13% on the year.
"In the FTSE 100 index, of particular note is the decline against the market of companies regarded as bellwethers of the U.K. economy," Steve Kelly, corporate communications manager at Datastream/ICV, said.
"ICI, Marks & Spencer and British Airways are all significant under-performers this year."
Telecoms is so far the best performing sector, up 96%, with tobacco and gas distribution bringing up second and third places.
At the bottom end of the 49-sector list is oil exploration & production. These stocks have been hit by falling oil prices.
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December 24, 1998 <Picture>
Canadian Stocks
Stocks Extend Week's Gains
TORONTO -- Toronto stocks ended higher Thursday in light trading, adding to the week's Christmas rally.
The Toronto Stock Exchange 300 composite index rose 18.19, or 0.28%, to 6465.38. Advancers exceeded decliners, 462 to 409, and trading volume was 51.3 million shares, down from Wednesday's total of 152.3 million shares. Trading value fell to $480.1 million Canadian dollars from C$2.0 billion. Wednesday's session lasted the full 6.5 hours, while Thursday's session was just 3.5 hours.
The TSE gained 111.52, or 1.72% on the week.
"There is a very strong seasonal bias in the market and a lot people know that so they join in the rally," said Katherine Beattie, technical analyst with MMS International in Toronto. The holiday rally usually lasts into mid-January, she added.
Eleven of the TSE's 14 stock groups rose Thursday.
Troubled funeral company Loewen Group rose 70 Canadian cents to C$13.20 after it said it is suspending its common-share dividend to save cash.
Among individual blue chips, networking firm Northern Telecom shed 80 Canadian cents to C$79.20, and competitor Newbridge Networks gained 20 Canadian cents to C$47.20. BCE Inc., Canada largest telecommunications firm and Nortel's largest shareholder, gained 40 Canadian cents to C$58.00.
Conglomerate Canadian Pacific Ltd. rose 15 Canadian cents to C$29.65, transportation company Laidlaw Inc. dropped 15 Canadian cents to C$15.35 and beverage and entertainment firm Seagram Co. shed 5 Canadian cents to C$57.00. Mining company Inco Ltd. stayed flat at C$16.20, and aluminum producer Alcan Aluminium Ltd. rose 75 Canadian cents to C$41.95.
In banking issues, Royal Bank of Canada rose 60 Canadian cents to C$76.90, Canadian Imperial Bank of Commerce rose 25 Canadian cents to C$37.75, and Bank of Nova Scotia gained 30 Canadian cents to C$33.85.
Canadian markets will be closed Friday and Monday.
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From NN's website:
newbridge.com
More NN reading:
newbridge.com
From TimeStep, a press release I don't remember seeing earlier:
timestep.com |
