In early trading following Easter technology stocks edged the Footsie. Marconi lost 23p to 311.5p...
Marconi lost 23p to 311.5p, ARM also fell 23p to 604p, Logica declined 52p to 830p and Energis slipped 14.5p to 286.5p with the FTSE 100 falling 66.8 points to 5699.8.
The US markets, which did trade on Easter Monday and recorded their first losses in over a week. The Nasdaq fell 51.86 points to 1909.57, the Standard & Poor's 500 slipped 3.82 to 1179.68 but the Dow Jones climbed 31.62 to 10,158.56 after falling in early trading.
Tech stocks declining in value include Cisco after the computer giant announced third quarter revenue is likel;y to fall by as much as 30%. It fell $1.81 to 15.39 causing Intel $1.87 to 26.25, Broadcom $4.27 to 31.11, Microsoft $1.39 to 60.79 and Qualcomm $4.67 to 48.37.
Financial groups fell in value after First Union announced a 27% decline in first quarter profit. Its share value declined 72 cents to $31.20 while Citigroup lost 35 cents to $46.65 after reporting a 6.6% loss.
Communication stocks also fell with Nortel losing $1.35 to 15.25, JDS Uniphase falling $1.89 to 19.90 and Juniper Networks declined $2 to 48.38 after a Morgan Stanley analyst reduced his profit estimate for the group.
Lifting the markets higher was the oil sector with gains for Exxon Mobil up $2.55 to 84.55, Hess $3.78 to 84.69 and Phillips Petroleum $1.48 to 58.09.
Leading Asian market the Nikkei followed the US markets to lose 187.80 points to 13,067.09 with computer group Fujitsu down 44 yen to 1581 on Cisco's news.
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