Marks sparks share price rise as Footsie falls

After the first hour of trading on the London Stock Exchange, the FTSE-100 Index of leading blue chip companies was down 44.1 points at 6187.9.

Shares in high street giant Marks & Spencer emerged unscathed after reporting a 5.1% fall in total sales over the crucial Christmas trading period.

The disappointing trading statement had been anticipated by the City, although there was also relief the figures were not worse, and M&S's share price picked up 3%, or 6p, to 206p.

That left M&S as the surprise leader of a subdued FTSE-100 risers board as the stock exchange got off to a troubled start.

A clutch of technology and telecoms stocks were dragging the market lower, headed by software company Misys, off 31p at 629.50p; and chip designer Arm, down 22.50p at 527.50p.

Sentiment towards new economy stocks was not helped by a low-key session in the US overnight, with both the Dow Jones Industrial Average and the tech-dominated Nasdaq showing slight falls.

Telecoms were also dragged lower by disappointing figures today from Deutsche Telekom, with BT down 17.50p at 680.50p; and Vodafone off 3.75p at 227.75p.

Other fallers included Anglo-French computer services company Sema, which lost more than 8%, or 34p, at 367p as the City digested the implications of its restructuring programme.