Footsie falls on quiet trading day

The London market is losing ground as it winds down for the New Year.

The FTSE 100 Index was off 22.9 points at 5219.5 by mid-morning.

There is a possibility that the Footsie could see out 2001 under the 5,200 mark.

Vodafone, the most heavily traded company during the morning session, put on a penny at 180½p while Cable & Wireless rose 2p at 328p and BT Group is ahead 1½p at 252¾p.

Software group Sage gained 4¾p at 234p to top the Footsie leaders' board.

Also on the up is oil exploration company BG Group, which put on 4p at 280p after press reports named it as a likely takeover candidate in 2002.

Alliance & Leicester was also singled out as a potential target and it lifted 16p at 808p.

The bulk of its rivals are losing ground, however, on the back of renewed concerns about the state of Argentina's economy.

Lloyds TSB dipped 7½p at 746½p, Barclays was 16p weaker at £22.64, Abbey National shed 13½p at 970p and HBOS was off 9p at 806p.

Other market heavyweights adding to the downward pressure included BP and Shell, which lost 3p at 534p and 2½p at 479½p respectively.

But business support group Capita put on penny at 485p amid news it could gain a stock market rival in 2002. Xchanging said it was seeking to join the London Stock Exchange in a £1 billion flotation.

Among the smaller stocks, software group Market Age saw trading restored today and promptly nosedived 34p to 62½p - a 39% fall.

The group, which sells currency and futures traders financial software over the internet, warned in its interim figures today that full-year results would be "significantly" below market expectations.