FTSE lower on poor company newsflow

Professional Adviser
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The FTSE 100 index is down 38 points at 4,047 this morning after downbeat news from Cable & Wireless...

The FTSE 100 index is down 38 points at 4,047 this morning after downbeat news from Cable & Wireless and steelmaker Corus. The latter has scrapped its proposed merger with Brazilian company CSN, sending its shares down 9.75p to 37p and leaving shareholders scratching their heads at the future of this rump of British Steel in a global market that is awash with overproduction. C&W has meanwhile dropped a whopping 24% or 31.25p to 99p after announcing it will spend £800m restructuring its global operations. At this level the company has a market value of £2.8bn; enough to ...

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