The UK's benchmark the FTSE 100 changed little in afternoon trading having lost more than 40 points ...
The UK's benchmark the FTSE 100 changed little in afternoon trading having lost more than 40 points by midday to touch a three year low. By the close of trading the index was 44.50 points down to 5275.7 - its lowest figure since 26 October 1998.
Britain's leading internet stock Energis erased a fifth of its value falling 32p to 128p after saying first half revenue growth could fall short of forecasts.
Abbey National fell 122p, almost 10%, to 1,115p after saying first half profit rose less than the expected 12%. BAA fell 10p to 660p on news of further opposition to the building of a fifth terminal at Heathrow.
British Airways lost 8.25p to 324p after Dutch airline KLM said fiscal first half profit fell by more than half as the global slowdown cut into passenger and cargo growth.
Telecom stocks down in value included Energis, Colt, Atlantic falling 32p to 128p, 20p to 317p and 1p to 7p respectively.
Great Universal Stores lost 10.5p to 598.5p after the retailer said it remains 'cautious' about the company's outlook. ICI lost 20.5p to 389.5p when the chemicals group said second quarter profit fell 12%.
Invenys lost 11p to 75.75p to extend yesterday's 15% decline. But there were gains for Legal & General, Retail Decisions and Reuters.
In the US its three core indices opened with gains. The Dow Jones climbed 53.57 to 10,294.69, while the Nasdaq added 8.36 to 1967.6 and the Standard & Poor's 500 rose 4.71 to 1176.36.
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