Newspaper article The Evening Standard (London, England)

Good Sounds in the City from Cable & Wireless; MARKET ROUND-UP

Newspaper article The Evening Standard (London, England)

Good Sounds in the City from Cable & Wireless; MARKET ROUND-UP

Article excerpt

Byline: TOM NICHOLLS

CABLE & WIRELESS was bid up 114p to 131p today after the telecommunications group raised performance targets for its international unit.

The company was briefing analysts and investors today on the overseas outlook and says it is "well placed not just to meet the competition in our markets, but to beat it".

The FTSE 100 edged up three points to 5869.2, encouraged by a 72.28-point surge on the Dow yesterday to 11613.19 yesterday, after the Federal Reserve kept shortterm US interest rates on hold as expected. However, leaving the door open to future increases, the Fed said inflation pressures seem likely to moderate over time, but that some risks remain.

There were positive signs from Asia too: Tokyo's Nikkei 225 closed up 115.56 at 15,834.23, while Hong Kong's Hang Seng index ended the morning 70.50 higher at 17,583.46.

In a further boost for sentiment, oil prices remain on the slide and are now close to $60 a barrel. However, BP, which this week admitted its key Thunder Horse oil platform in the Gulf of Mexico will start up 18 months later than expected, fell 5p to 57412p. Reports are now suggesting that the under-fire oil major, which has suffered a string of disasters and setbacks in its US operations, is at loggerheads with bigger US rival ExxonMobil, its minority partner on the Thunder Horse project, over how to handle the problems.

Kelda, which owns Yorkshire Water, was 12p better at 850p as rumours surfaced that an infrastructure fund might be targeting the utility. Just a week ago, AWG, owner of Anglian Water, said it had been approached by an unnamed party. AWG climbed 6p to 1525p.

Just days after releasing a robust interim trading statement, midcap oil producer Burren Energy has made a promising discovery in Congo. Maurel & Prom, the French independent oil company that operates the field, plans several more wells to appraise the size of the deposit, but it believes it has found a new oil play. …

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