BT drop keeps market subdued

London shares were subdued today, as the Bank of England's interest rate cut failed to inspire and a nine per cent drop from BT weighed on the market.

By the close of trading, the FTSE-100 Index was off 19.5 points at 6206.1, losing all its earlier gains. The decision by the Bank of England's Monetary Policy Committee to shave 0.25% off interest rates had been anticipated by the market and provoked little reaction.