HSBC merger speculation drags Footsie lower

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The UK's benchmark index the FTSE 100 fell 43.40 points to 5853.40 in early trading with HSBC dow...

The UK's benchmark index the FTSE 100 fell 43.40 points to 5853.40 in early trading with HSBC down in price amid speculation the financial stock is to merge with Merrill Lynch. HSBC fell 16p to 875p taking 6 points off the Footsie in the process. Dimension Data also fell 11p to 300p after announcing it had purchased Proxicom for $7.5 per share representing a 2.6% premium on the stock's Friday close. British Telecom slipped 7p to 519p following last week's news that it is to commence a share-rights offer to help eliminate debt. Marconi lost 9p to 362p and Colt Telecom fell 23p to 813p...

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