The FTSE 100 index is down 14 points at 3,998, marking the seventh session in a row it has lost grou...
The FTSE 100 index is down 14 points at 3,998, marking the seventh session in a row it has lost ground and the first time it has dipped below the 4,000 level since 1 November.
The index has been led down by a shock profits warning from Cable&Wireless, already under pressure over its accounting and business practices, after it said earnings could be at risk from a cash-grab by the Inland Revenue.
C&W shares lost 32.75p, or about 40% to 50.75p, and its new market capitalisation value of just £1.2bn puts it in threat of being booted out of the index at the next quarterly re-rating.
AstraZenica is down 43p at £22.65 after a German competitor raised its earnings figures due to sales of a generic alternative to the UK firm's top selling anti-ulcer drug.
Vodafone has popped up 2.25p to 119.25p after reports over the weekend that it may buy capacity for new network services in Australia from competitor Hutchison Whampoa rather than spend money building its own.
Marks&Spencer has jumped 3.25p to 331.75p after announcing it nabbed Selfridges CEO Vittorio Radice to lead its entry into the home furnishings market.
In the FTSE 250 index, lead loser has been staffing specialist Michael Page, which fell 9.5p to 110p after telling analysts at a results meeting that its outlook has "softened" although it believes full-year earnings should meet forecasts.
The index overall is down 9 points at 4,436.
Leading gainer is drug maker Galen Holdings, which today announced a $295m acquisition of a drug currently made by US firm Eli Lilly - shares gained 37.5p to 532.5p.
US shares closed up slightly on Friday, as the Dow Jones Industrial Average index climbed 22.49 to 8,645.77.
The S&P500 gained 5.68 points to 912.33, while the Nasdaq Composite gained 11.69 points to close at 1,422.44
Tokyo's Nikkei 225 index closed down 35.21 points this morning at 8,828.05.
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