Telecom stocks recover


16-02-2001

Telecom stocks staged a recovery yesterday (Thursday), taking their lead from an upbeat performance on the US Nasdaq overnight.

Colt Telecom, BT, Vodafone and Orange, all of which had fallen heavily on Wednesday, perked up in trading yesterday.



The rises helped keep the FTSE-100 Index with its head above water, and after an hour's dealing, it was up 4.4 points at 6180.6.



Colt Telecom was up 49p at 14.35, BT was up 13p at 581p and Vodafone rose 3p to 214p.



Orange was also up, following two days of falls since its return to the stock market, up 1p to 560p.



Other tech risers included telecoms equipment group Marconi, up 8p at 687p, Spirent, up 5p at 490p and chip designer Arm up 6p at 425p.



Among the FTSE-250 risers, handheld computer group Psion rose 9p to 195p, Kingston Communications rose 5p to 194p and software group Baltimore Technologies was up 9p at 317p.



However it was not all good news for tech stocks, and Cambridge-based Autonomy dived 10 per cent after releasing its full-year figures, despite the profits coming in ahead of expectations.



Shares were down 158p at 14.10.



Alliance & Leicester also slipped -- off 16p at 707p -- after announcing its full year figures.