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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: coachdad who wrote (75863)	12/1/1999 2:04:00 PM
From: Tim Luke	Respond to of 90042

CS alert: . . . . Wednesday December 1, 1:55 pm Eastern Time (Note: this article is ''in progress''; there will likely be an update soon.) FTSE 100 tracks Dow up, Marconi catches eye By Nicholas Kotch LONDON, Dec 1 (Reuters) - The FTSE 100 tracked Wall Street higher on Wednesday, closing up 0.7 percent, newly-formed Marconi Plc (quote from Yahoo! UK & Ireland: MNI.L) catching the eye with a dramatic surge. Britain's blue-chip index returned to winning ways after a blip on Tuesday, closing up 48.8 points at 6,646 points. Gainers and losers were evenly matched, at 48 and 51 respectively and volume was about 1.3 billion at the close. After profit-taking, the London market had strayed into negative territory just before November data from the U.S. National Association of Purchasing Management (NAPM) at 1500 GMT eased fears of inflation and higher interest rates. The Dow Jones industrial average was up 0.8 percent as London closed. Marconi finished as the biggest percentage gainer, up 12.3 percent or 98-1/2 pence to 899-1/2p at the end of the second day of trading in what investors now see as high-growth stock, analysts said. Volume was an impressive 127 million shares. Tuesday was the first day of trading for the renamed Marconi -- formerly known as GEC -- after the sale of its defence divisions to Baesystems (quote from Yahoo! UK & Ireland: BA.L). BT LEADS TELECOMS CHARGE The swift reaction to the lower-than-expected NAPM numbers outweighed lingering concerns about a near-term monetary tightening in the UK, said Andy Hartwill, UK equity strategist at SG Securities. ''It's the (U.S.) Federal Reserve that is driving most of the market's expectations as we close the year,'' he said. Index heavyweight British Telecommunications (quote from Yahoo! UK & Ireland: BT.L) had a storming day, closing up 5.5 percent or 69-1/2 pence to 1,328p. It was helped when Deutsche Bank raised its price target to 17 pounds, reiterating a ''strong buy,'' and by BT's prediction that its share of revenues from booming joint ventures in Asia will rise to one billion pounds this financial year. BT alone accounted for two-thirds of the 34 points which telecoms stocks added to the overall index -- the largest sectoral contribution. Mobile phone operator Vodafone AirTouch (quote from Yahoo! UK & Ireland: VOD.L), locked in a battle to take over Germany's Mannesmann , rose 2.5 percent.