The London market again tested highs not seen for nearly five years today as the FTSE 100 Index spent much of the day above the 5900 mark.

Strong gains by Vodafone and BT pushed the FTSE 100 Index above 5900 for the first time in nearly five years.

Volatile crude oil prices kept stocks under pressure today, leaving the major US indexes with a slight loss.

IONA TECHNOLOGIES has made significant progress over the last 12 months and is well-placed to deliver value in the future, shareholders at the company’s annual general meeting heard yesterday.

Iona Technologies has reported a net profit of $190,000 for the first three months of 2004, compared to a loss of nearly $12m in the same quarter last year.

Another lacklustre trading session sent stocks lower on the New York exchange today despite a wave of corporate deals that underscored the economy’s overall health.

US phone company BellSouth has agreed to sell its Latin American wireless assets to Telefonica of Spain for about $5.9bn.(€4.77bn)

It has been reported that Vodafone, the word's number one mobile operator, has bid around $35bn (€27.47bn) for AT&T Wireless.

Vodafone announced this morning that it is continuing to monitor developments in the US market and is exploring whether a potential transaction with AT&T Wireless is in the interests of its shareholders.

Wall Street retreated modestly in a day of light trading today, with the market in search of a direction following the Dow Jones industrials’ brief foray above 10,000.

Investors collected profits today, sending Wall Street moderately lower. A surge in unemployment claims and disappointing earnings reports also fed worries that the economy was not keeping pace with the market’s recent gains.