Tech stocks bring down Footsie

The FTSE 100 Index has closed down 38.4 points at 5127.6.

The FTSE 100 Index has closed down 38.4 points at 5127.6.

The move down was led mainly by tech shares as a downbeat outlook from US chip giant Intel did little for confidence.

ARM Holdings took the brunt of the warning in London, falling more than 5% - down 18p at 325½p.

Others in the tech sector heading south included the Logica and Sage - down 40p to 604p and 12¼p to 240¼p respectively.

Other stocks under pressure in London included Vodafone, down 2¼p at 162½p, BT Group off 5p at 241¼p and mmO2, down 1½p at 86½p.

Fortunes for retail shares were also mixed despite another bright session for Christmas trading reports.

Marks & Spencer made early gains as the firm showed its recovery was on track with sales growth of 8.3% in the seven weeks to January 12. But it couldn't hold on to its early rise in the City and closed fractionally down - off half a penny at 359½p.

A number of other retail stocks lost their sparkle as the day wore on, with Great Universal Stores down 1½p at 640p and Next off 17p at 905p.

Tesco also lost 4¾p at 233p but rivals Sainsbury's and Safeway both gained as the City digested trading statements from the sector earlier this week.

Sainsbury's lifted 9½p at 385p, while Safeway rose 3½p at 310½p.

Among smaller retail stocks Matalan rose 7½p to 374p and Debenhams gained 2¼p at 382p.

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