Technology stocks push down market

The FTSE-100 Index is on the back foot today after another profits warning in the US dented confidence on this side of the Atlantic.

Intel's gloomy forecast over earnings sent the Nasdaq more than 50 points lower overnight.

Inevitably, tech stocks in London are under pressure during the first hour of trading, helping to push the Footsie 25.8 points lower. The index is now at 5977.4.

Casualties include software company Autonomy, down 78p at £12.76, Arm, off 21p at 348p, and Dimension Data, down 16p at 402p.

Only the pharmaceuticals sector has managed to buck the trend, with Shire Pharmaceuticals leading the risers' board with an increase of 49p to £11.69.

AstraZeneca is also ahead by 16p at £30.80, while GlaxoSmithKline is 28p stronger at £18.71.

Those companies reporting results have added to the downbeat mood, although pubs group JD Wetherspoon is down 18½p at 385½p despite announcing a strong set of interim results.

Restaurant chain Belgo's is off by nearly 8%, or quarter of a penny, at 3p following its comments over the competitive London trading scene.

And London property company Canary Wharf has lost 9p at 515p as pre-tax profits fell 38% to £22.5 million, mainly due to higher interest charges.

Bakery group Greggs is one of the plus-points from an otherwise miserable first hour. Its shares have lifted 100p at £30.75 after announcing a ninth consecutive year of profit growth and ambitious expansion plans.