FTSE slips after telecoms rally

Trading fell back under its starting point by the close of play on the FTSE, but earlier in the day it was the telecoms stocks took the biggest chunk of the gains after Merrill Lynch increased its global sales forecasts on mobile phones. It was Corus, the steel manufacturer, which saw confidence fall away after a good day's trading when the US Institute of Supply Management noted demand has fallen for the purchase of certain goods. Corus lost 1.5p or 4.4% to 32.75p because 10% of its business comes from the US, knocking the FTSE 100 by 15.1 points or 0.4% to 4154.3. Telewest Commu...