The Footsie neglected to act on the strong finish enjoyed by Wall Street yesterday and in morning...
The Footsie neglected to act on the strong finish enjoyed by Wall Street yesterday and in morning trade the UK's leading index was marginally lower with no major trends apparent.
The FTSE 100 was down 9.7 points to 5912.8 at morning trade.
The Nasdaq recovered 3.6% yesterday with tech stocks cheered after chip manufacturer Xilinx said order cancellations had come down. The Dow Jones advanced 114 points to 11,176 and the Standard & Poor's 500 gained 16.46 to 1,284.
Despite the progress made by the Nasdaq in the UK, a handful of tech and telecom stocks weakened. Colt Telecom lost 8p to 717p and Vodafone slipped 1.5p to 177.75p.
The FTSE 100 losers were led by United Utilities with a fall of 33p to 631p and Railtrack's woes continued as it fell a further 14.5p to 350p.
Leading the FTSE 100 gainers was food retailer Tesco with a gain of 6.5p to 261p. Cadbury Schweppes also fared well on the back of news that it is near agreement to buy most of Pernod Ricard's soft drinks brands and businesses in Continental Europe, North America and Australia for £419m.
Chip related stocks enjoyed gains with ARM up 4p to 343p and telecom equipment tester Spirent rallied 3p to 260p.
Elsewhere toy retailer Hamleys enjoyed a boost after reporting greatly improved pre-tax profits compared to poor results last year. Pre-tax profits came in at £3.9m compared with £30,000 in the 14 month period a year earlier. The stock gained 6.5p to 130p.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected