FTSE in positive territory as Syria threat eases ; FTSE 100 [Newcastle Journal (England)]
(Newcastle Journal (England) Via Acquire Media NewsEdge) ON Thursday the FTSE 100 Index closed in positive territory for the first time this week, moving 53 points higher to close at 6483.1.
Sentiment was helped by the threat of an imminent Western strike on Syria easing after a meeting of the United Nations Security Council.
Vodafone was the top performing stock in the Index after it announced it was in discussions with its US partner Verizon Communications, which could net it a large windfall.
The UK telecoms operator owns 45% of America's largest mobile phone operator, Verizon Wireless, in a joint venture with Verizon Communications.
While no value for the potential sale of its stake was confirmed by either company, speculation ranged from US$100 billion to US$130bn.
Although Vodafone stated that the talks may not lead to a deal being agreed, the shares still rose by 8.2% to close the day at 204.75p.
At the other end of the scale, Serco released results for the first half of the year and saw its shares fall by 11.2%.
The outsourcing firm recorded a pre tax profit of Pounds 106.1m for the period, which was a drop of 2.6% from a year earlier.
However the main disappointment was that Serco will pay for improvements and forgo any future profits on its Pounds 285 million ten year Prisoner Escort and Custody Services contract with the City of London Police.
This was due to allegations of fraudulent practises by management relating to the overstatement of performance.
The shares closed the day at 538.5p. Steven.Keppie@Brewin.co.uk
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