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Rate reduction rumour boosts tech stocks

Rate-cut fever boosted technology stocks in London this afternoon, with telcos Telewest and Spirent leading an extended 'bounce'.

By Ron Coates on 26 February 2001 17:05

NEWS Telewest rose 8.6 per cent by early afternoon at 129p and Spirent up 7.3 per cent to 407p. Shares were driven by rumours of another US rates cut and by the Nasdaq's Friday rally. The Techmark 100 index looked set to move well above the 2350 mark after starting the day below 2300. The US' rate-setting committee is not scheduled to meet until 20 March. Farther down the FTSE list, services consultancy FI moved up 9.2 per cent to 389p and multimedia designer Imagination up 7.4 per cent to 110p.

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