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Telecoms lead markets to positive territory

After the carnage of last week, the European markets have opened this morning on a higher note.

By Kate Hanaghan

Published: 26 March 2001 10:10 BST

The telecoms sector did particularly well during early trading. In London, Cable & Wireless up 7.5 per cent following news that it has sold off its Australian Optus unit to Singapore Telecommunications for $8.6bn.

After massive spending on 3G licenses and acquisitions, the markets have responded positively to news that Dutch telecoms operator KPN will reduce debts by selling off non-core parts of its business. There are also plans to float KPN Mobile. Shares rose 4.89 per cent this morning.

European bourses experienced a broadly buoyant opening after Nasdaq closed on Friday up 1.63 per cent. FTSE TechMark was up 1.18 per cent and in Germany the Neuer Markt 50 was up 3.77 per cent by mid morning.

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