LONDON STOCK EXCHANGE DAILY MARKET SUMMARY
AND ANALYSIS (Late Edition) ARCHIVES

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Market Summary and Analysis for Monday January 29th. 2001

FTSE 100: 6317.0   +22.7

FTSE 250: 6725.2  +9.1

FTSE 350: 3084.5   +15.0

FTSE A/S: 3036.96   +9.81

TechMARK 100: 2782.93   +2.67

SUMMARY

The London Stock Exchange (LSE) closed higher. Gainers included: Abbey National Bank, Barclays Plc, British Telecom, Cable & Wireless Plc, Carlton Communications, CGNU, Colt Telecom, HSBC Holdings, Lloyds TSB, Pace Micro Technology, Unilever Plc, and Vodafone Group.

REASONS FOR ACTIVITIES

• Unilever gained 0.5% after announcing that it is selling its Soups and Sauces operation to the US' Campbell Foods.

• Banks and Telecommunications shares rallied on hopes that a US Federal Reserve interest rates cut on Wednesday will prompt the Bank of England and the European Central Bank to follow the same path.

• Billiton and Lattice Group lost on downgrades from Merrill Lynch and ING Barings respectively.

• Mining stocks like Rio Tinto were hard hit today too.

• Pace Micro Technology gained 10% after Japan's Sega Systems signed a deal to include its popular Dreamcast game consoles on Pace's digital TV set-top boxes.

• British Telecom gained after announcing that it has second thoughts about its "Yell" unit.

• NOTE: Due to technical problems, today's column is less comprehensive as we always have it. We apologize for the inconvenience.

PICKS FOR NEXT MARKET DAY

• The markets will react in speculative mode for the first half of next week as investors stay on the sidelines waiting for the US' Federal Reserve FOMC decision on interest rates.

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Market Summary and Analysis for Friday January 26th. 2001

FTSE 100: 6294.3   +38.7

FTSE 250: 6716.1   -23.5

FTSE 350: 3084.5   +15.0

FTSE A/S: 3027.15   +13.74

TechMARK 100: 2780.26   -36.21

SUMMARY

The London Stock Exchange (LSE) closed mixed due to a stunning announcement from Ericsson. Gainers included: AstraZeneca, AWG Red, Axis-Shield, Azlan Group, BEA Systems, Billiton Plc, BP Amoco, Bradstock, British American Tobacco, Bryant Group, CMG Plc, Diagonal Plc, Ecsoft, Eircom, F.I. Group, Galen Holdings, GlaxoSmithKline,  Imperial Tobacco, Invensys, Lattice Group, Mayflower, Medisys, Meggitt Plc, Microgen, ML Labs. Plc, Nycomed Amerisham, Orchestream Holdings, Oxford Glycosciences, Patsystem, Prudential, QXL Ricardo, Ricardo Plc, Shell Transport & Trading, Skyepharmaceuticals, Smith & Stratagem Group, Nephew, Taylor Woodrow, Tesco Plc, Thus Plc, Torex Plc, TrafficMaster, and Vodafone Group.

REASONS FOR ACTIVITIES

• The National Statistics Office reported that the UK preliminary Gross Domestic Product (GDP) grew 0.3% in Q4 2000 to stand at 2.4% higher than the previous year's. Economists have expected 0.5% and and 2.7% respectively. This is the lowest Q4 growth in 2 years. As a whole, the economy grew 3.0% in year 2000, well higher than the 2.3% growth seen in 1999.

• Bryant Group gained after reporting that first half pretax profits rose 4% to £42 million. Taylor Woodrow, which is set to acquire Bryant, also rose on the news.

• Retailer Marks & Spencer lost as investors went for profit taking after the spectacular rise in the shares lately.

• Prudential gained 2.43% on speculation that the stock is undervalued and could hit £12 within the next 12 months.

• Ericsson announced that its Q1 2001 earnings will be zero, and it will stop manufacturing Cellular Phones but outsource the services. Technology stocks were taken down by this news.

• Bookham Technology lost 15.8% after announcing that its fiscal Q4 operating losses will be £4 million to £4.5 million higher than expected.

• London Bridge Software lost 3.70% after reporting poor year 2000 figures.

• Investors rotated funds from technology shares into Drugs, Oil, and Tobacco stocks.

• Nycomed Amerisham gained 5.44% after its patent trial was postponed till March.

PICKS FOR NEXT MARKET DAY

• The markets will react in speculative mode for the first half of next week as investors stay on the sidelines waiting for the US' Federal Reserve FOMC decision on interest rates.

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Market Summary and Analysis for Thursday January 25th. 2001

FTSE 100: 6255.6   -8.8

FTSE 250: 6739.6   +25.8

FTSE 350: 3069.5   -2.1

FTSE A/S: 3013.41   -1.96

TechMARK 100: 2816.47   +10.72

SUMMARY

The London Stock Exchange (LSE) closed mixed as US Federal Reserve chair Alan Greenspan's speech to the US Senate signal further higher interest rates cuts. The earning warning from US fiber optic company Corning was also a factor in pulling technology shares down. Gainers included: Allders, Arcadia Group, Autonomy Corp, Britax International, British Energy, Cambridge Antibody, Cedar Group, CMG Plc, Colt Telecom, Imagination Technology, Invensys, Logica Plc, Marks & Spencer, Millwall Holdings, Misys, Mulberry, Murray Japan, Pacific Horizon, Park Group, Sema, Skyepharmaceuticals, Queens Moat House Plc, and Vodafone Group.

REASONS FOR ACTIVITIES

• Retailer Mulberry gained 6.25% after reporting that its Christmas sales rose 12%, even though its First half sales dropped to £10.6 million from £12.2 million.

• IT Services company Sema gained 11.86% on rumours that rivals Logica or even Cap Gemini Ernst & Young will make a bid for the struggling company. Both Logica and Cap Gemini have denied interest in the company.

• Imagination Technology gained 15.43% after announcing a graphics chips design arrangement with ARM Holdings. ARM closed lower.

• Games maker Eidos lost 9.35% after warning that its fiscal year 2000 profits will fall short due to a sluggish US Market and the numerous shipment problems of Sony's Playstation 2.

• Applied Optical Technologies lost 46.40% after announcing that it will miss its forecast.

• Allders gained 7.41% after reporting that its like-for-like sales in the last 16 weeks rose 6%.

• Software developer Misys gained 6.9% after reporting that its first half pretax profits rose 6%.

• Media related shares were also hard hit today as advertisement revenue concerns continue to haunt them.

PICKS FOR NEXT MARKET DAY

• The markets will likely close lower tomorrow. Unless of course, if London Bridge Software and Ricardo Plc. report some strong earnings.

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Market Summary and Analysis for Wednesday January 24th. 2001

FTSE 100: 6264.4   +49.7

FTSE 250: 6713.8   +37.3

FTSE 350: 3071.6   +23.4

FTSE A/S: 3015.37   +22.73

TechMARK 100: 2805.75   +70.66

SUMMARY

The London Stock Exchange (LSE) closed higher as technology and telecommunications shares improve after US companies post strong earnings yesterday. Gainers included: 365 Corp, AEA Technology, AIT Group, Alphameric, Anite Group Plc, Arc International, ARM Holdings, Atlantic Telecom, Autonomy Corp, Azlan Group, Baltimore Technology, BATM Advanced Communications, Beazer Group, Bioglan Pharmaceuticals, Bookham Technology, British Telecom, Cambridge Antibody, Cedar Group, CMG Plc, Cobham Plc, Computacenter, Diagonal Plc, Dimension Data, Domino Printing, Eircom, F.I. Group, GEO Interactive, HSBC Holdings, Imagination Technology, Indigovision Group, Intec Telecom, Interx, IQE, Kweill Systems, Logica Plc, London Bridge Software, Microgen, Morse, Parthus Technology, Psion Plc, Redstone Telecom, Renishaw Plc, Retail Decisions, Ricardo Plc, Royal Bank of Scotland, Scoot.Com, Smiths Group, Spirent, SurfControl, Taylor Woodrow, Telewest Communications, Thus Plc, Torotrak Plc, TTP Communications, Vodafone Group, and Zen Research.

REASONS FOR ACTIVITIES

• Telecommunications shares rose on positive comments from UBS Warburg and Credit Suisse First Boston.

• Semiconductor company Parthus Technology gained 10.55% after reporting that its year 2000 revenues rose 68%. Parthus Technology also announced a licensing agreement with US' 3Com.

• Semiconductor chip makers also gained on the strong earnings reported by US chip stocks last night.

• Home Builder Beazer Group gained 4.53% after Persimmon made a formal £537.5 million offer, an increase of £47 million from its previous offer.

• Toy maker Character Group lost 25% after announcing a disappointing Christmas sales and its plan to borrow more money.

• Mining conglomerate Rio Tinto lost 2.26% despite announcing that its Iron Ore and Aluminum production rose 40% and 24% respectively.

• Bookham Technology gained 6.88% after announcing its Optical Networking agreement with Japan's Fujitsu.

• Smiths Group gained 2.7% after Credit Suisse First Boston reiterated its "buy" recommendation.

• Banking stocks rallied on hopes of cheaper credit from an interest rate cut.

PICKS FOR NEXT MARKET DAY

• The markets will rally again due to another strong earnings reports from US technology companies in after hours.

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Market Summary and Analysis for Tuesday January 23rd. 2001

FTSE 100: 6214.7   -17.3

FTSE 250: 6676.5   -24.9

FTSE 350: 3048.2   -8.9

FTSE A/S: 2992.64   -8.21

TechMARK 100: 2735.09   -39.57

SUMMARY

The London Stock Exchange (LSE) closed lower due to pressure on telcos, despite the strong performance of banking shares. Gainers included: AEA Technology, AIT Group, Arch International, Biocompatibles, British American Tobacco, CGNU, Cobham Plc, Domino Printing, Galen Holdings, Halifax, HSBC Holdings, Imagination Technology, Imperial Tobacco, Innovation Group, Lloyds TSB, London Bridge Software, Marks & Spencer, Medisys, Microgen, Nycomed Amersham, Parthus Technology, Redbus Interhouse, Ricardo Plc, Royal Bank of Scotland, Royalblue Group, Safeway Plc, Schroders, Tesco Plc, TTP Communications, United Business Media, and Zen Research.

REASONS FOR ACTIVITIES

• The Royal Institute of Chartered Surveyors (RICS) reported that its poll of 120 chartered surveyors show a waning in the Construction Industry. Employment expectations are down, so are profit margins. Scot however, still shows a strong construction market.

• IT services company Sema Plc. lost 11.85% after announcing that year 2000 profits will be £90 million to £95 million short of analysts' estimates.

• Banking stocks closed higher after Merrill Lynch posted spectacular fiscal Q4 earnings.

• Tobacco stocks had a strong day too.

• Telecommunications shares came under fire as analysts continue to worry about their profitability, especially the newer players. The demise of these stocks pulled the indices down.

• Marks & Spencer gained 2.75% despite announcing that its like-for-like sales in the Christmas holiday shopping season dropped 2.3%.

PICKS FOR NEXT MARKET DAY

• The markets will rally due to the strong earnings reports from US technology companies in after hours today.

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Market Summary and Analysis for Monday January 22nd. 2001

FTSE 100: 6232.0   +22.7

FTSE 250: 6701.4   -10.5

FTSE 350: 3057.1   +9.0

FTSE A/S: 3000.85   +8.79

TechMARK 100: 2774.66   -12.99

SUMMARY

The London Stock Exchange (LSE) closed mixed as the FTSE 100 having a spectacular day, while profit taking pushed lower technology and telecommunications shares. Gainers included: AEA Technology, Applied Optical Technologies, Atlantic Telecom, Axon Group, Baltimore Technology, BATM Advanced Comms., BG Group, Bookham Technology, BP Amoco, BPP Holdings, British Biotech, Bryant Group, Cedar Group, Celltech Group, CMG Plc, Cobham Plc, Eidos, Fairey Group, Fibernet, First Technology, Freeserve, Glynwed International, Huntingdon Life Sciences, Indigovision, Innovation Group, Interx, Jarvis, KS Biomedix Holdings, London Bridge Software, Microgen, Northgate Information, NSB Retail Systems, Powerject Pharmaceuticals, Recognition Systems, Royalblue Group, Sage Group, Scipher, Sema, Shire Pharmaceuticals, Smith & Nephew, Standard Chartered, Telecity, Telework Group, Torex Plc, Torotrak Plc, Turbo Genset, Whatman Plc, and Zen Research.

REASONS FOR ACTIVITIES

• Deputy Bank of England Governor David Clementi stated in a comment today that UK Interest Rates may be about to fell.

• Celltech gained substantially on news that it has an orally active compounds for Cancer.

• Bryant Group today accepted a £556 million takeover offer from Taylor Woodrow. This will likely force Beazer to consider the acquisition offer from Persimmon. Bryant Group gained 1.8%, while Taylor Woodrow, Beazer, and Persimmon all closed lower.

• Glynwed International gained 5.00% after confirming that it has sold its Pipe Systems operations to Etex Group for £786 million.

• Atlantic Telecom gained 2.73% after announcing that it will focus on medium and small business services in the UK and Germany as part of its profitability plans.

• Gas Explorer BG Group gained 1.4% on a Sunday Times story that the company is being stalked by a US Company for possible acquisition.

• Huntingdon Life Sciences gained 11.94% after announcing that it has secured funding that will help it operate for the next 12 months.

• Frozen Food retailer Iceland lost 15.43% after reporting that its like-for-like sales in December 2000 dropped 1.5%.

PICKS FOR NEXT MARKET DAY

• The markets action will be determined tomorrow by these 3 factors: Earnings reports from UK companies tomorrow. The profit taking today, and the earnings reports from US technology companies in after hours today.

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Market Summary and Analysis for Friday January 19th. 2001

FTSE 100: 6209.3   -0.6

FTSE 250: 6711.9   +47.0

FTSE 350: 3047.5   +2.1

FTSE A/S: 2992.06   +3.75

TechMARK 100: 2787.65   +61.01

SUMMARY

The London Stock Exchange (LSE) rallied as technology stocks took a queue from the NASDAQ rally due to good earnings. Gainers included: Aegis, Affinity International, Arcadia Group, Atlantic Telecom, Autonomy Corp, BAE Systems, Baltimore Technology, BATM Advanced Comms., Beazer Group, Bellway Plc, Bodycote International, Bookham Technology, BP Amoco, British American Tobacco, British Biotech, Bryant Group, Cable & Wireless, Celltech Group, Colt Telecom, Compel Group Plc, Dimension Data Holdings, Eidos, Energis, Eyretel, Fibernet, Gresham Computing Plc, Huntingdon Life Sciences, Innogy, IQE, J Sainbury, Kingfisher Leisure, Logica Plc, London Bridge Software, Marconi Plc, Misys, Persimmon, Psion Plc, QXL Ricardo, Redstone Telecom, Spirent, Superframe Group, SurfControl, Turbo Genset, Vodafone Group, Whatman Plc, Xaar Plc, and Zen Research.

REASONS FOR ACTIVITIES

• Redstone Telecom gained 23.74 after announcing that the rollout of its DSL service earlier will push the company to profitability at around 2001-2, as opposed to 2003-4. Redstone also announced it needs no fresh funding.

• Optical networking related shares like Marconi Plc. and Bookham technology were boosted today due to good earnings from Nortel Networks.

• QXL Richardo gained 18% after rival eBay posted better than expected earnings yesterday.

• Kingfisher Leisure gained after announcing how strong financially the company is standing.

• Bodycote International gained after announcing metallurgical contracts from the US and China.

• Persimmon gained 0.19% after Beazer Group announced that it will consider its offer despite Beazer's plans to merge with Bryant Group. Beazer and Bryant Group all rose too.

PICKS FOR NEXT MARKET DAY

• Investors might go for profit taking the beginning of next week. Then again, this market might continue with its spectacular rally.

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Market Summary and Analysis for Thursday January 18th. 2001

FTSE 100: 6209.9   +12.5

FTSE 250: 6664.9   +13.3

FTSE 350: 3045.4   +6.1

FTSE A/S: 2988.31   +6.33

TechMARK 100: 2726.64   +70.77

SUMMARY

The London Stock Exchange (LSE) rallied as technology stocks took a queue from the NASDAQ rally due to good earnings. Gainers included: AEA Technology, AIT Group, Alphameric Plc,  Anite Group Plc, Arcadia Group, Arch International, ARM Holdings, Atlantic Telecom, Autonomy Corp, Baltimore Technology, BATM Advanced Comms., BP Amoco, British Telecom, Celltech Group, CMG Plc, Eidos, Eircom, Huntingdon Life Sciences, Kingston Telecommunications, Logica Plc, Matalan, Powergen, Psion Plc, Prudential, Vodafone Group, and Zen Research.

REASONS FOR ACTIVITIES

• The European Central Bank (ECB) held interest rates unchanged.

• Huntingdon Life Sciences gained 31.58% despite a warning from the Royal Bank of Scotland that it will not inject £22.6 million to it if it can't secure third party funding.

• Celltech Group gained 6.67% after an article in the Financial Times stated that Celltech's Arthritis medication could easily generate close to £1 billion.

• Arcadia gained 5.88% after reporting like-for-like sales increase of 4.3% for the previous quarter.

• British Telecom gained after raising over £7 billion in the bond markets.

• Autonomy Group gained substantially after announcing a licensing agreement with the US' Business Objects.

• Prudential gained 2.70% after announcing that its new business grew 13% in year 2000 to £13.9 billion.

PICKS FOR NEXT MARKET DAY

• Once again, the market will rally on the strong technology earnings reports in the USA.

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Market Summary and Analysis for Wednesday January 17th. 2001

FTSE 100: 6197.4   +114.1

FTSE 250: 6651.6   +69.3

FTSE 350: 3030.9   +44.3

FTSE A/S: 2981.98   +50.49

TechMARK 100: 2654.13   +106.89

SUMMARY

The London Stock Exchange (LSE) rallied as technology stocks took a queue from the NASDAQ rally, while telcos gained as interest rate cuts become more likely. Gainers included: Alphameric Plc,  Amvescap Plc, Anite Group Plc, Arch International, ARM Holdings, Autonomy Corp, BAE Systems, Baltimore Technology, Barclays Bank Plc, BATM Advanced Comms., Bookham Technology, BP Amoco, British telecom, Celltech Group, CGNU Plc, CMG Plc, Eidos, Eircom, Fairey Group, F.I. Group, Filtronic Plc, FreeServe, GEO Interactive, Guardian IT, Huntingdon Life Sciences, HSBC Holdings, Imagination Technology, International Power, Invensys, IQE, Kingston Telecommunications, Knowledge Support Systems Group, KS Biomedix Holdings, Lattice Group Plc, Legal & General, Logica Plc, Marconi Plc, Microgen, Ncipher, Northgate Information Solutions, Nycomed Amersham, Oasis Plc, Parity Group, Parthus Technology Plc, Powergen, Psion Plc, RM, Royal Bank of Scotland, Sage Group, Scoot.Com, Thus Plc, TrafficMaster, Vodafone Group, and Zen Research.

REASONS FOR ACTIVITIES

• The National Statistics Data reported that the UK unemployment dropped only 2,600, about half the expected, in December to 1.042 million. The UK Unemployment rate now stands at 3.6%, the lowest levels in 25 years. The government preferred ILO mea