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EchoBusiness -Market report [Northern Echo (England)](Northern Echo (England) Via Acquire Media NewsEdge) TELECOMS firm BT helped the FTSE 100 Index secure its seventh session of gains in a row yesterday as it went 12 per cent higher on better-than-expected results. Shares in BT raced to their highest level formore than five years, closing up 33.8p at 309.5p, as the group kicks off a price war with rival BSkyB. The wider top tier capped off a week of surging gains by closing up 32.2 points at 6625, the first time it has crossed the 6600 threshold since late 2007. The Dax in Germany and the Cax 40 in France both rose modestly, while US markets started out on the front foot with the Dow Jones Industrial Average opening in positive territory. The global rally has been driven by positive economic signals from the US, central bank stimulus plans and a flurry of improved company results. Markets were also buoyed as G7 finance leaders gathered for their latest meeting, with officials expected tounderline their commitment to growth-enhancing stimulus measures. BT also announced yesterday that it had put on 40,000 TV customers in the quarter to the end of March, as well as 136,000 taking its retail broadband. The results reassured investors after Thursday's announcement of the Premier League deal - under which BT has paid [pounds]738m to show 38 games - prompted market nervousness over costs. Meanwhile, British Airways parent International Airlines Group edged 1.6 per cent lower after reporting a bigger first-quarter loss, driven by the poor performance of its Iberia business. Shares closed down 4.6p at 275.9p. (c) 2013 ProQuest Information and Learning Company; All Rights Reserved. |