Footsie finished the day moderately lower on the back of telecom weakness and profit taking. Tra...
Footsie finished the day moderately lower on the back of telecom weakness and profit taking. Trading activity was notably thin though due to the spate of holidays in European cities.
The FTSE 100 finished down 38.9 points to 5928.
BT headed a raft of old economy risers among the FTSE 100. BT shares lifted on news it is in talks with rival Vodafone regarding the sale of BT's 20% stake in Japan Telecom and its mobile phone subsidiary J-Phone. Such a deal should be worth over £3bn and would go some way into soothing BT's £32bn debts. BT shares improved 41p to 599p. In contrast index heavyweight Vodafone slipped 6p to 206.25p.
Telecom equipment tester Spirent led the fallers, down 25.25p to 386.75. Other telecom related fallers included Cable & Wireless down 13.5p to 500p and Marconi lost 402p to 7.5p.
Elsewhere IT group Bright Station continued to tumble. As its market valuation falls further below the all important £30m mark, its business saving finance deal with Credit Suisse First Boston looks increasingly unlikely. Investors grimaced yesterday after Bright admitted it had just £7.4m cash left in March and that's worryingly little if you bleed money at the rate Bright Station's does. Shares fell a further 3.75p to 11.5p.
Over in the US at midday markets were relatively flat with the Dow Jones up 61.61 to 10796.58, the Nasdaq shed 10.46 to 2105.78 while the Standard & Poor's 500 slipped 0.33 to 1249.13.
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