In afternoon trading the UK's benchmark index the FTSE 100 is 12 points down on its opening score of...
In afternoon trading the UK's benchmark index the FTSE 100 is 12 points down on its opening score of 5451.1 despite a near 10% gain in value for Prudential, while the technology-focused Techmark is 10.45 points down at 1760.57.
Prudential climbed 70.5p to 814.5p, after the insurance group's earlier bid of $36.80 a share for American General was topped by AIG and a bid of $46 per share. Should Pru walk it can look forward to a $600m windfall.
Stocks influencing the Footsie fall today include media groups WPP and Granada, retailers Kingfisher and Associated British Foods as well as chemicals giant ICI.
WPP fell 33.5p to 659.5p while ITV channel Granada fell 6.25p to 146.5p. Kingfisher lost 23p to 434p and ABF fell 21.5p to 406.5p.
Imperial Chemical Industries lost 22p, more than 5%, to 383p in addition to the stock's 8% loss yesterday. ICI subsidiary Glidden and seven other manafacturers of paint that contained lead are to appear before a US court on allegations of concealing health danger. Oil giant BP Amoco fell 9p to 553p. Its subsidiary Atlantic Richfield is also a co-defendant.
GlaxoSmithKline lost 42p to 1,758p on news its experimental drug Gavenstinel failed to help in the recovery of patients suffering a stroke. Logica lost 28p to 822p after an analyst cut his earnings forecasts for the next two years.
Both mobile and terrestrial phone companies gained in value following yesterday's new that the industry is going to drop loss leading packages and turn the very same promotions into increased revenue. Vodafone gained 7p to 192.5p, British Telecom increased 27p to 506p, Cable & Wireless gained 9.5p to 479.5 and Marconi added 5.5p to 305.5p.
The US's three core indices opened with losses. The Dow Jones fell 27.92 points to 9457.79 while the Nasdaq lost 10.95 to 1662.05 and the Standard & Poor's 500 lost 4.81 to 1101.65.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till