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Blue Chips On the Ftse Closed At 7 Week Highs.
(From Moneyweb (South Africa) - AAGM)
Byline: Shawn Stockigt
Blue chips on the FTSE closed at 7 week highs yesterday boosted by TMT's and banking stocks, although activity was muted as investors await another US interest rate move this week. The index gained 22.7 points to close at 6317 with banks really providing the catalyst. The FOMC meets today and tomorrow and the whole market seems to be waiting for the announcement, Vodafone gained 1% on large volume with BT up 3.4%.
US stocks rise on optimism rate cut will spark growth, led by financial and computer stocks. AT&T Q4 profit falls 68%; Cisco may miss revenue targets; chrysler to cut 26 000 jobs in 3 yrs. Full-piont rate cut in one month would be a rare move, but nevertheless expected. Treasuries decline as investors look for economic rebound on rate cut.
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