Tech and telecoms shares slide again

The FTSE-100 Index is falling heavily as tech and telecom stocks continue to slide.

The Footsie is off 84.9 points, now resting at 5819.3, and looks likely to fall lower as figures show a slowdown in the services sector.

Key data shows growth in the services sector slowed to its weakest level for more than two years last month, as business confidence fell.

Vodafone's massive £3.5bn share placing yesterday continues to provide a drag on the rest of the market.

Vodafone has fallen a further 3%, or 6¼p, to 192¾p while other tech and telecom have fallen too .

Spirent is off 9%, down 35½p, to 353p, while Telewest Communications has dropped 7¾p to 125¾p and Colt Telecom has fallen 57p to 960p.

Other fallers include Misys, down 25p at 583p, Sage, down 10p at 287p and Logica, down 40p to 968p.

Orange has dropped 24p to 691½p despite announcing a 33% rise in group turnover for the first quarter.

Shell's first quarter figures show profits of £2.7bn for the first quarter but fears of a weakening in the price of oil pushed shares down 15½p to 567½p.

BP Amoco has also suffered amid the pessimism, dropping 13p to 602½p.