TMT MARKET ROUNDUP: Thursday's London markets

As many have been predicting, September could see the worst of the storm being over for internet related stocks and with large gains and a busy day's trading across the board for these stocks, it seems that this may be the start of a rally.

The day's prime mover was internet investment company Medi@invest which enjoyed a massive 51.85% boost to 10.25p on a large volume of 11.9m, which may have been the result of rumors of a possible deal with NTL.

Other big movers included AIM-listed sports rights and content company, Media Content, up 40% and Redstone Telecom, which had another good after yesterdays quarterly results, rising 29% to 277.5p.

Telewest clawed back some of the losses picked up over the last few weeks with a 15% rise ahead of next week's interim results. Other companies expecting results next week were also up, including internet security and encryption technology company Baltimore, which closed up 13% and media group Pearson, up 6%.

Today's results brought gains for LSE-listed digital media and communications company 365 Corporation, after the company reported a 117% year-on-year turnover increase in the quarter to 30 June 2000 to 10.0m. This helped the group's shares rise 16.3% to close 82p on a volume of 4m. London Bridge Software also rose on the strength of its interim results, racing up by 11.9% to finish on 985p.

Despite giving the appearance of stabilisation, with new releases schedules being met, revenues increasing and losses stabilising, first quarter results from LSE and Nasdaq listed computer games developer and distributor Eidos still has a long way to go before it can turn a corner financially, but this did not stop its shares moving up 1.2% to 495p on a volume of 1.5m.

Buyer-centric European infomediary Scoot.com released 9 month results and said that it expects to achieve positive EBITDA during 2001, substantially ahead of expectations. This, however, is not backed by its balance sheet, which displays widening losses and falling revenues, but such was the enthusiasm on the markets today shares were up 2.2% to 127.25p on the back of these results.

Companies expecting results next week included domain registration and internet services company Netbenefit, up 17% to 632.5p and web developer Magic Moments, up 27.7% to 7p. Guardian IT, the business continuity services provider, also rose 27.5% ahead of Tuesday's results.

Among the very few fallers of the day were AIM-listed live music promoter Meanfiddler.com which dropped 5% to 9.5p just days after announcing deals with Amazon and Yahoo. Also falling was AIM listed ISP Voss Net, which fell 4.8% after Tuesdays launch of Herald, its new low cost website product.