Another uninspired day's trading for the FTSE 100 saw declines for the media and telecom sector...
Another uninspired day's trading for the FTSE 100 saw declines for the media and telecom sectors as well as further falls for recent bashing boys Railtrack and Hays.
At midday the FTSE 100 was down 36.6 points to 5823.9.
US markets wobbled again yesterday and failed to instil any confidence in UK investors.
Leading the FTSE 100 fallers was Telewest, down 5.75p to 110.25p. Its been a miserable day for telecoms so far with falls for Colt Telecom down 3.3% and index heavyweight Vodafone down 3.75p to 171.25p. Recent weakness from the US's Nasdaq hasn't helped any. But BT managed to gain 8.75p to 434.25p.
Media group Granada was down in the dumps with investors selling the stock ahead of its interim results tomorrow. The city is concerned about the heavy spending on investment the group has made in digital television. Furthermore the endemic downturn in advertising across the industry is also bound to have eaten into the figures. The stock lost 4.25p to 166.5p. Rival Carlton also fell and was down 12.5p to 375.5.
Leading the FTSE 100 gainers, by virtue of its staunchly defensive quality, was AB Foods up 10.25p to 425.25p.
Among the FTSE 250 holiday operator First Choice tried to brighten the market with interim results that showed lower-than-expected losses and the group released a confident trading projections for the next six months. But gains slipped back and the stock eked out a gain of 0.5p to 154.5p.
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