As nervous markets edge lower on the continuing US debt stalemate, technology stocks are bucking the downward trend.
Autonomy, the software group which is the City equivalent of Marmite in terms of analysts' opinions, is up 36p at £16.92 ahead of its results due later this morning, the biggest riser so far in the leading index.
Close behind is Sage, which specialises in accounting services for small and medium sized businesses, and has already reported a trading update. It said nine month results were in line with expectations, despite the uncertain economic climate, and its shares have added 4.9p to 282p. George O'Connor at Panmure Gordon said:
As expected, Sage is trading in line with expectations. There is, of course, the now obligatory nod to the "uncertain economy". The run down on net debt is particularly impressive. Next up, we need evidence that the company has got its M&A mojo back and will look to use the cash for accretive acquisitions. We retain our buy, believing that the shares will get re-rated, as growth becomes more evident.
Among the mid-caps CSR, the bluetooth and wi-fi specialist, is up 10.3p at 300.8p after it said strong audio and automotive markets should make up for a dip in mobile phone demand.
Elsewhere though investors are still nervous about the outcome of attempts by the US to raise its debt ceiling by August 2, not to mention the continuing problems of the Eurozone. So the FTSE 100 is down 25.09 points at 5904.64, although the Dow futures are showing a 2 point rise at the moment after yesterday's 91.5 point drop.
Banks are among the main fallers, with Barclays down 7.75p at 221p and Lloyds Banking Group 1.655p off at 43.515p.
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Source: http://www.guardian.co.uk/business/marketforceslive/2011/jul/27/autonomy-sage-buck-falling-ftse
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