Profit taking and a growing sense of realism permeated the US and UK markets again today. Heady...
Profit taking and a growing sense of realism permeated the US and UK markets again today. Heady ideas of a boisterous recovery were winded by depressing news from telecom bellwether Nokia and technology bigwig Lucent Technologies, which sent their respective sectors into the red.
The FTSE 100 finished Tuesday relatively flat, down 6.4 points to 5248.4.
Nokia said it has cut its first-quarter sales forecast in light of declines experienced in its network business. The group admitted sales from that division will be down around 25% against its former expectation of 20%.
Leading the FTSE 100 losers was Arm down 5% to 292p, followed by Celltech with a loss of 4% to 617p and MmO2, down 4% to 65p.
Amersham also fared poorly with a loss of 4% to 705p. The group said it is to pay £704m in cash for a 45% stake in Amersham Biosciences. Amersham will sell 7.8% of its share capital, to fund the buy.
It was a good day for retail stocks in the UK though after an industry survey revealed retail sales grew faster in February than January. William Morrison Supermarkets added 6.5p to 209.5p and Kingfisher improved 8.5p to 372.25p.
Meanwhile in the states, at midday markets were down, the Dow Jones slipped 28 to 10583, the Standard & Poor's 500 lost 7 to 1161 while the Nasdaq shed 32 to 1897.
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