Slide in telecoms stocks hits Footsie

The Footsie index of 100 leading stocks is finding the going tough as telecoms stocks again depress the London market.

The index is down 37.2 points after an hour's trading to stand at 5489.2, with Colt Telecom continuing to fall after losing 15% of its value last night.

The voice and data telecoms operator Colt Telecom , which issued its half-year results yesterday, has seen its share price fell by a further 5% or 17p to 298p.

Others in the sector on the slide include telecoms equipment firm Spirent, down 4p at 183p; and Telewest Communications, off 2p at 80½p.

Vodafone, one of the market's biggest stocks, is down 2¾p at 150½p.

The interim reporting season for banks has drawn to a close with figures from Royal Bank of Scotland. Shares in the group are up 4p to £16.44 after it confirmed a 37% rise in pre-tax profits and said all of its businesses had performed well.

However, there were contrasting fortunes for merger partners Brambles and GKN.

Australian transport and logistics group Brambles, which has taken over GKN's industrial services arm, has fallen 22p to 368p on its first day on the London market.

However, GKN, which is holding on to its motor and aerospace businesses, is topping the risers' board after gaining 6% or 17p to 294p.