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U.K. tech stocks soar
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November 4, 1999: 6:47 a.m. ET
Sector jumps after launch of new index, Nasdaq's 3,000 milestone
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LONDON (CNNfn) - Technology shares soared in London Thursday as the launch of a new tech-based index coincided with the Nasdaq's push into record territory.
The London Stock Exchange started trading on its new Techmark market Thursday, with 181 companies in the telecom, software and computer services sectors. Techmark is intended to stem the flow of tech listings leaking to Nasdaq and Frankfurt's NeuerMarkt.
Stocks gained as investors adjusted their portfolios to take the new index into account, with leading Internet service provider Freeserve (FRE) jumping almost 9 percent.
"Investors will already have holdings in the bigger Techmark constituents but they'll be boosting their weightings in the smaller cap stocks to meet what will be required by trustees," WestLB Panmure technology analyst Miles Saltiel told Reuters.
However, blue-chip technology shares also benefited from Techmark and the Nasdaq composite index's first-ever close above 3,000 Wednesday.
The FTSE 100 was pushed higher by a 6.5 percent gain in computer services company Sema (SEM) and strong gains by software developers Sage Group (SGE) and Misys (MSY).
The Techmark index also includes telecom leader Vodafone AirTouch (VOD), whose shares climbed 1.1 percent.
Members of the new index retain their main stock market listing.
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