FTSE dips below 4,100 mark

The FTSE 100 Index has dipped back below the 4100 mark and is adrift 45.4 points at 4096.1.

Marks & Spencer is one of the heavier fallers, dropping 20.75p to 358.75p, after producing a set of interim figures at the top end of most analyst forecasts but the group's cautious outlook worried investors.

Dixons is also off, down 11p at 186.25p, after a broker downgraded the stock from hold to sell.

Others in the sector heading south include Next, which lost 24p to 894p, although Boots is going against the trend with a 3p rise to 601p ahead of interim figures on Thursday.

Elsewhere, Scottish Power is caught up in the subdued mood and has eased 1.25p at 370.75p despite interim results meeting expectations.

Outside the top flight, British Airways has fallen 10.25p to 149p. Its interim figures have met targets, prompting investors to take profits after a run of recent gains.

But CMG is up 11.5p to 88.5p, a 15% jump, after plans to merge with rival Logica, which rose 14p to 185p, were agreed.

Advertising agencies and some related stocks are weakening, as Credit Suisse First Boston cut its stance on the European advertising sector to 'underweight'.

The broker reiterated a 'neutral' on WPP with a 500p target and the shares shed 11.25p to 449p, also seeing some profit-taking after recent speculation of a large Coca-Cola contract. Pearson lost 14p to 688.5p in sympathy.

But EMAP and Reed Elsevier advanced nonetheless, up 16p at 776p and 2.5p at 585.5p respectively.