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Markets stabilise after sharp decline

Hard-hit telecoms and tech shares recover
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Written by Matthew Broersma on

UK markets wobbled their way through Thursday morning, nosing into positive territory after Wednesday's biggest one-day loss in twelve months.

At around midday, the FTSE 100 was six points up at 6190.8, with the techMARK 100 16 points higher at 3723. Investors held their breath until 1100 GMT, when the Bank of England's Monetary Policy Committee concluded a two-day meeting by leaving interest rates unchanged at 6.00 percent.

Despite the rise in the technology index, dealers said the market lacked direction. "The market feels okay but without any real conviction. There's a lot of to-ing and fro-ing and not really much volume behind it. It's very hard to trade," said one head of sales at a leading London brokerage.

Three telecoms companies, Thus (quote: THUS), Kingston (quote: KCOM) and Colt Telecom (quote: CTM) all made it into the top five performers. Colt and Thus both suffered heavy losses Wednesday.

Reuters contributed to this report.

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