Looking increasingly range bound, the FTSE 100 finished Tuesday just 1 point higher at 5179.6. ...
Looking increasingly range bound, the FTSE 100 finished Tuesday just 1 point higher at 5179.6.
Vodafone and BP put the kibosh on what was otherwise a pretty good day for tech stocks. Had it not been for heavyweights Vodafone and BP, the FTSE 100 would have enjoyed a gain of around 26 points.
BP fell 9p to 599.5p. A sufficient supply of crude was promised by Saudi Arabia today in the wake of Iraq's decision to halt exports for 30 days.
Vodafone shed 4.5% to 121p, its worst value since October 1998. The stock fell on news that Verizon Communications, which co-owns the biggest US mobile-phone company with Vodafone, said expenses for acquisitions and the writedown of investments hit first quarter profit by $2.5bn.
ARM spearheaded FTSE 100 risers with a gain of 9p to 283p.
Over in the US, tech stocks were weaker with investors depressed by too many company reports suggesting an economic rebound is failing to prompt demand for computer and telecom equipment.
At midday, the Dow Jones was up 29 points to 10278, the Standard & Poor's 500 slipped 2 points to 1122 but the Nasdaq fared worst as it fell 23 points to 1761.
Sentiment was also dented yesterday after IBM said profit and sales were behind forecasts, damaged by weaker customer spending.
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