The FTSE 100 began the week poorly, recording its first fall in three trading sessions. Media s...
The FTSE 100 began the week poorly, recording its first fall in three trading sessions. Media stocks and index heavyweight Vodafone were the chief culprits.
London's leading index lost 22.4 points to 5167.3.
Vodafone accounted for 17 points of Footsie's decline. The mobile phone giant fell after Schroder Salomon Smith Barney downgraded European phone stocks from overweight to neutral. Vodafone shed 3.4% to 149p, adding to its 15% drop last month.
Technology stocks also dipped in value as Microsoft Chairman Bill Gates admitted a dramatic improvement for computer-related companies or the economy is unlikely in 2002. In the UK, software group Sage was a prominent faller as it slipped 14p to 233p.
Media and advertising companies fell after WPP Group gloomily announced businesses is unlikely to increase advertising spending this year. WPP Group lost 3.1% to 664.5p, Carlton Communications fell 8.3% to 188p and Granada slipped 5.4% to 119.5p.
Old economy stocks dominated a modest FTSE 100 leader board which was led by ICI. The chemical group recovered 17p to 341p following last week's tumble.
Corporate accounting concerns hounded Wall Street after Tyco International admitted it spent $8bn over three years on around 700 purchases it didn't make public. Tyco fell $3.42 to $32.20.
At midday on Wall Street the Dow Jones fell 161 to 9745, the S&P 500 slipped 21 to 1100 while the Nasdaq lost 42 to 1868.
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