Footsie was modestly lower at midday on the back of telecom weakness, although BT fared well. T...
Footsie was modestly lower at midday on the back of telecom weakness, although BT fared well. Trading activity was notably thin but this was put down to the spate of holidays in European cities rather than the UK's May Day demonstrations.
At midday the FTSE 100 slipped 40.3 points to 5926.6.
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 debts. Bt shares improved 27p to 585p. In contrast index heavyweight Vodafone slipped 5.75p to 206.5p.
Drinks group Allied Domecq led the fallers, down 18.25p to 409.75. Passable interim results omited further details about acquisition plans and included a £5m exceptional charge for scrapped take-overs, including its retreat from the Seagram bidding war.
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.
HL and Liberty SIPP slowest
Lifetime and annual allowances
'IFAs bore the brunt'
'Recovery or boom'