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London open: rally continues through morning

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Date: Friday 24 Jan 2003

  • FTSE 100 3663.30 +1.13%
  • FTSE 250 4256.00 +0.22%
  • techMARK 720.47 +0.80%

LONDON (ShareCast) - A sharp rally on Wall Street overnight and top of the range figures from Legal and General helped the FTSE 100 move ahead strongly in morning trading.

Legal & General reported sales 13% better in 2002, a figure right at the top end of expectations. A £140m provision to cover the costs of people living longer was also less than some brokers had suggested. Having dropped by almost a third in recent months, L&G rallied strongly and pulled up Prudential and Aviva with it.

Fund managers also rallied with the market. Amvescap topped the list of FTSE 100 winners by mid -morning. It is especially geared to the US market.

GlaxoSmithKline dropped a study into its Serevent asthma treatment after some patients died.

Sage rose after the good performance of technology shares overnight in the US. Dow Jones closed up 50 points at 8,369, S&P 500 gained 8 to 887 and Nasdaq picked up 28 to 1,388.

Whittard of Chelsea and jewellery maker Abbeycrest responded to good figures, Whittard in particular is very optimistic.

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