The FTSE 100 lost 89.3 points to close at 5427 to clock up its second lowest close since 22 March...
The FTSE 100 lost 89.3 points to close at 5427 to clock up its second lowest close since 22 March when the index closed at 5314. Last week the index fell to 5391.9 but soon recovered only for it head-south again today.
It's difficult to see where the next gain for the Footsie will come from considering the market's losses since the New Year when it sat at the lofty heights of 6200 - the index has lost 20% since January.
Telecommunication and technology stocks continue to make investors nervous and lead the Techmark index further down. The UK technology focused index today closed at 1560.64, just 16 points off its 18 month low of 1544.91, recorded last week.
Colt Telecom lost 9% of its value falling 30.5p to 307.5p while internet supplier Energis lost 17.25p to 155.25p. Baltimore Technologies recorded another loss falling 5.25p to 28.75p, a loss of 15% after dismissing a possible merger with Chanteilley.
Logica fell 6% to 630p after an analyst cut his price target from the stock to 760p from 940p. British Telecom closed 16.5p to 472p and will tomorrow hold its AGM. Vodafone fell 5.5p to 147p as analysts cut their share price forecasts.
Mining group Anglo American fell 27p to 1030p with the value of platinum metals in decline. The Royal Bank of Scotland lost 40p to 1490p after saying it plans to sell £2bn worth of shares in order to purchase US based Mellon Financial.
In the US the Dow Jones opened 54.95 points up at 10,527.07 while the Standard & Poor's 500 remains relatively unchanged at 1202.57 and the Nasdaq fell 3.26 to 2025.86.
Tech stocks falling in early trading included Novellus, Applied Materials, Unisys and Symbol Technology. Caterpillar, the construction group added $2.08 to 52.45 after reporting second quarter profit earnings exceeded analyst expectations.
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