Poor start to the week for the FTSE 100, hampered by UK technology issues and further declines f...
Poor start to the week for the FTSE 100, hampered by UK technology issues and further declines for Hays and Railtrack.
The FTSE 100 finished the day down 90.1 points to 5860.5.
Old economy stocks dominated the FTSE 100 leaders table but the real action concerned another tech sell off, inspired by two profit warnings from the US's semiconductor industry. Varian Semiconductor Equipment and DuPont Photomasks warned that second-quarter earnings would be lower than expected due to reduced demand.
In the UK, chip manufacturers and software stocks were hit hardest with ARM down 11p to 309p and Logica down 51p to 944p.
Business services group Hays fell further since executive chairman Ronnie Frost issued a profit warning last week. More analyst downgrades came in today. The stock lost 18.75p to 180.5p.
Over in the US, the Nasdaq was down 54 to 2161, the Dow lost 74 to 10902 and the Standard & Poor's 500 shed 12 to 1252.
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