No rally yet for London shares

A bruised market is showing no signs of a rally after yesterday's hammering.

A bruised market is showing no signs of a rally after yesterday's hammering.

The FTSE-100 Index of leading stocks is off 4.5 points.

It now stands at 5975.6 thanks to weaker technology, telecoms and banking stocks.

Yesterday the Footsie finished down 113.9 points at 5980.1, its lowest closing point since October 1999 and the first time it had finished below 6,000 points since last April.

The bearish sentiment has been compounded by heavy losses overnight on both the US and Far Eastern markets.

In London, 12 of the leading 20 Footsie fallers are either technology or telecoms stocks.

Those dropping include Spirent, down 25p at 390p, and Logica, off 85p at £15.10, despite a strong set of results.

Also weaker are Autonomy, off 58p at £15.40, Arm, down 9½p at 385p and CMG, down 20p at 830p.

Among the telecoms, Vodafone is off 4¼p at 185¾p, Telewest Communications is 7¼p lighter at 118¾p and Colt is down 51p at £13.02.

Banking stocks are also suffering, after yesterday's decline in the sector caused by fears of a costly mortgage price war.

Halifax, which yesterday cut its base mortgage rate, is off 10½p at 669½p, and Barclays is down 32p at £22.38.

More in this section

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up