London's leading index, the FTSE 100, opened up nearly 80 points higher this morning - and just one stock is in the red right now.
An announcement from the US Federal Reserve that it will not be reducing the scale of it asset purchases - known as tapering - has sent stocks to record highs in the US and soaring in markets around the world.
Telecoms giant Vodafone is trailing, currently down over 0.5 per cent.
Mike van Dulken, head of research, Accendo Markets:
Traditionally a more defensive low-beta stock and unlikely to move as much as the more spicy banks or natural resources-focused socks, news that members of the C-suite (CEO, CFO, CTO) this week (Tues,16 Sept) exercised options and or sold out of some chunky holdings (200K to 2.7m), locking in decent gains at what turned out to be pretty much the top of the market is finally taking its toll.
If directors are assumed to know the business outlook best, is management calling the top, putting a cap on the shares in the near term? There’s a fair wait until the Verizon Wireless windfall next year, but if it is expected that some of the money goes to a good home in terms of acquisition targets for growth, could weakness back to 200p or indeed rising 2013 lows at 190p offer another bite at the cherry?