Shares slip further

The London market is subdued, with the FTSE-100 index losing 41.5 points.

The index of the UK's top companies is resting at 5909.1.

Railtrack has started its last week as a Footsie stock in poor form, sliding 7%, off 27½p at 370p.

The latest drop follows weekend speculation that costs relating to the upgrading of the West Coast mainline had risen.

Granada and Carlton Communications have also seen shares slip, on fears of a larger-than-expected fall in ITV advertising revenues.

Granada, which is to announce its interims on Wednesday, is down 4%, off 6½p to 169½p while Carlton is down 2%, off 7½p at 387½p.

Banks are also under pressure, with HSBC and Standard Chartered off 25p at 890p and 20p at 990p respectively, while Bank of Scotland has slipped 8½p to 815½p and Halifax has lost 10½p to 814p.

The City is also speculating over the content of the Competition Commission's report into the proposed merger of Lloyds TSB and Abbey National.

Lloyds is down 26½p at 721½p while Abbey is off 55p at £12.40 amid forecasts the report - due to be sent to the DTI tomorrow - is unfavourable.

Among other Footsie-listed companies, a clutch of tech and telecom stocks were coming under pressure, with Sage down 12½p at 296½p and Logica, off 35p at 960p.

However, among the risers, Argos-to-Burberry group Great Universal Stores has jumped 9½p to 632p after agreeing a deal to sell internet service provider Breathe.com to Affinity Internet for £1.75m.