Profit-takers hit the FTSE

The FTSE-100 Index is down 41.9 points in thin trading as traders cash in on the rally in tech and telecom stocks.

The Footsie now stands at 5837.9.

Technology stocks to suffer include Arm Holdings down 5%, or 19p at 343p and Sage, down 12¼p at 280p.

Dimension Data is down 9½p at 282½p while rival Logica fell 21p to 834p.

Among the telecoms, BT has dropped 15p to 579p after reports it has entered talks with its bankers on restructuring its £16 billion short-term credit line.

Vodafone has fallen 3p to 218p, and Spirent has dropped 11¾p at 427¼p.

Marks & Spencer shed 6¼p to 269¾p after reports that non-executive directors are to put Luc Vandevelde under pressure to tone down his massive year-end bonus.

Reuters is also suffering, ahead of its trading statement tomorrow.

The group is just one of several of key blue-chips reporting this week, and although the market is expecting a strong set of numbers, profit-taking saw the stock drop 31p to 998p in early trading.

Anglo-Norwegian biotech Nycomed Amersham sparked 13p to 490p after posting a 16% hike in first quarter sales.

GlaxoSmithKline has risen 7p to 1780p ahead of figures later this week and amid reports it could be lining up a bid for American Home Products.

Hilton Group is up 4½p to 225p after its £612 million Scandic hotels bid and news of strong trading in both of its key divisions.

Shell has risen 2p to 568½p as the market mulled the collapse of its planned Woodside takeover.