The news that the Bank of England is keeping interest rates at 4% for the time being did not boost t...
The news that the Bank of England is keeping interest rates at 4% for the time being did not boost the UK market.
The FTSE 100 closed 37.8 down to 5190.7 and it was media and advertising companies that were worst hit, owing to market fears that advertising spending is not recovering.
Granada lost 7.75p to 140.25p, the Daily Mail lost 34p to 660p while WPP, the advertising company, shed 34p to 724p.
Vodafone also suffered its biggest four-day decline today after its US mobile phone joint-venture attracted fewer additional customers than expected. The shares of the mobile company fell to 164.25p, a 6.5p drop.
House of Fraser rose 5.75p to 90.5p after reporting that sales for the seven weeks ended 5 January was 9.6%. Selfridges reported that sales rose 8% over the Christmas period. Shares of the retailer rose by 9p to 326.5.
Marconi's shares rose by 0.75p to 41p after it announced that Danaher agreed to buy its data systems business.
In the US, it is the end of a rally. Investors are starting to feel that the market is too expensive given the prospect of a slow rebound.
The Nasdaq is 3.7 down to 2,041.19 and the Dow Jones Industrial Index fell by 29.9 to 10,064.20.
Carmakers shares fell, led by Ford, after unions announced plans to protest against the company's retrenchment programme. Ford shares fell $1 to $15.31. General Motors lost 87 cents to $49.37 and DaimlerChrysler shed $1.21 to$42.
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