Monday saw a good start in the UK for the FTSE 100. It closed up by almost 1% on the back of higher oil and telecommunications stocks. The TechMARK did not fare as well and closed down by almost 0.5%. Markets seem nervous, waiting for earnings news to arrive from everywhere.
Tuesday was another positive day for the FTSE 100, boosted by rises in US markets. By close of play the index had risen over 1%. As technology and telecommunication stocks were in favour, this gave the TechMARK index a boost. It closed up by almost 1.5% for the day. In the US the Consumer Price Index data released was positive although it did not quite reach the levels expected. Conversely, the March Industrial Production figures rose more than expected.
Wednesday was budget day in the UK. By the time the Chancellor, Gordon Brown had stopped joking about bingo and beers from small breweries he dropped a new tax on North sea oil. This obviously hit the oil companies shares and brought the FTSE 100 index to a lower level. Strong gains from telecommunications and banking sectors were pared although the index did close slightly up for the day. Investors were obviously not too concerned with the statements made by the Chancellor. Due to telecommunications having a run of luck, the TechMARK index managed to close up by almost 0.5%.
Trading on Thursday stopped the FTSE 100 dead in its tracks with bad news from Nokia. Technology and telecommunications shares headed south and knocked almost 1% off the FTSE 100. As expected, the TechMARK index fared worse, losing over 2%.
Friday saw the FTSE 100 struggle through more falls in the telecommunications sector to end slightly higher for the day. Falls in telecommunication stocks were offset by gains in oil and banking stocks. Despite the telecommunications sector falls, the TechMARK ended slightly higher for the day but made an overall loss of almost 1% for the week. The FTSE 100 gained over 1.6% for the week.