Microsoft leads way for techs

By DAILY MAIL REPORTER
Updated:

 

Tech stocks confounded the doomsayers and raced ahead after giants Nokia and Microsoft - key indicators for Britain's hi-tech economy - stunned the market with powerful third-quarter results. The techMARK 100 index of leading shares rose 112 to 3328.

Nokia, the world's biggest mobile phones group, boosted profits 42% over the summer, with phone sales soaring 59%. It predicts a record fourth quarter and estimates the world will buy 400m mobiles from all makers this year, and 550m in 2001.

Software giant Microsoft raised underlying profits 18%, as growing shipments of its Windows 2000 program more than offset the effect of slowing computer sales. Embattled chairman Bill Gates was £4bn richer as the shares rocketed, lifting his stake to £30bn.

America Online, the world's biggest dotcom, boosted quarterly profits 86%, helped by booming e-commerce sales, though flat advertising revenue raised concerns. Computer maker Apple dampened the optimism with disappointing results. Nevertheless, rumours of the end of the hi-tech revolution - that we would abandon computers and the Net and go back to using pencil, paper and carrier pigeons - seem to have been exaggerated.

Online security group Baltimore Technologies jumped 31p to 475p after successfully placing £167m of shares at 440p, raising £66m new money and completing the takeover of rival Content Technologies.

Atlantic Telecom jumped 32 1/2p to 206p after the battered independent carrier came in under the Vodafone umbrella. Atlantic, which last year took over Marconi's national fibre-optic network, will sell Vodafone-branded landline connections to homes and businesses.

GEO Interactive rose 115p to 1045p after striking a promising deal with US e-mail specialist Comm-touch, which will see its technology used to send sound and, eventually, video e-mails.

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