US worries hit tech sector

Technology and telecoms stocks are the main casualties on the London Stock Exchange as the FTSE-100 lost 68.3 points.

The index has fallen to 5751.9 after poor news from the US overnight, where the Nasdaq lost more than 2% of its value when official figures showed the US economy was in a poor state.

The main fallers in London include Telewest Communications, down 7¼p at 104p, Colt Telecom, off 36p at 600p, and telecoms providers Energis, down 11½p at 230½p, and Cable & Wireless off 21½p at 425½p.

Vodafone is 7p lower at 164¼p, while BT has slipped 10½p at 439½p as it prepared to close its right issue tomorrow.

Merger partners Halifax and Bank of Scotland have both issued upbeat trading statements but have failed to excite the market. Halifax is up 6½p at 809p and Bank of Scotland is ahead 6p at 812½p.

Canary Wharf, which announced plans to return £2bn to shareholders over the next four years, is ahead 6%, or 32p, at 561p.

And Hays continues to unwind some of the losses of recent sessions. Following the departure of managing director John Cole yesterday, Hays has lifted another 9¾p at 192p.

Courts is 11p cheaper at 345p after pre-tax profits took a dip on the back of tough trading conditions in the autumn.

Harvey Nichols is blaming a drop in tourist numbers for a tough start to its current financial year. Shares fell 9½p at 207½p.

GB Railways is ahead 5%, or 2½p, at 52½p after securing a £1.9m compensation settlement with Railtrack following the Hatfield accident.