Around the World's Markets

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LONDON

THE MARKET dialled into telecom and related shares following the AT&T takeover of US cable company Tele-Communications. The evidence of further telecoms consolidation helped lift Orange 40.5p to 645.5p and Cable & Wireless 32p to 690p. BT gained 17p to 758p.

Computer shares rose, helped by the prospect of Psion's superphone, and oils strengthened on reports of Opec production cuts. Footsie ended 32.9 points up at 5,804.9.

NEW YORK

WALL STREET forgot its worries again yesterday, closing sharply higher as investors were heartened by the heady hi-tech sector and AT&T's multi-billion dollar merger.

The market buzzed early on news that AT&T Corp had agreed to buy cable TV giant Tele-Communications Inc in a deal valued at $48bn. The Dow closed up 95.41 points at 8923.87. The tech-laden Nasdaq closed up 33.19 points, or 1.8 per cent, at 1877.76.

TOKYO

THE JAPANESE stock market rose yesterday as a rally by US computer- related shares and a cheaper yen spurred buying of electronics companies and other exporters.

The Nikkei 225 benchmark index climbed 68.58 points to 15,123.18. The Topix index gained 5.51 points to 1,180.93.

Sony jumped 330 yen to 11,380 yen, while Canon climbed 80 to 3,190 and Fujitsu rose 38 to 1,444 on a rally in the technology-based Nasdaq index in the US.

GERMANY

GERMAN SHARES rose yesterday, led by Daimler-Benz, on expectations that the country's largest industrial corporation will benefit after walkouts at rival General Motors forced it to shut plants.

The DAX Index of 30 companies rose 37.60 points to 5,785.90, 26 points below its peak reached on 18 June.

Daimler gained DM5.35 to DM171.45. Volkswagen rose DM28.5 after its Audi unit reported profit and sales rises.

ITALY

ITALIAN STOCKS slipped, with gas and oil company Eni among the biggest decliners, as investors remained unconvinced that voluntary cuts in oil production agreed yesterday by Opec will be enough to shore up prices.

The all-share Mibtel Index lost 187 points, or 0.83 per cent, to 22,430. The Mib30 Index of most traded shares fell 1.01 per cent. Eni, which accounts for about 11 per cent of the Mibtel, shed 184 lire to 11,386 lire, slicing about 40 points off the benchmark index.

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