Another poor day for the FTSE 100 saw the index trudge closer to slipping below 5,000 - somethi...
Another poor day for the FTSE 100 saw the index trudge closer to slipping below 5,000 – something it has avoided since October last year. Logica led declines after it plunged 17%.
The FTSE 100 dropped 68.4 points to 5024.10, its fourth fall in a row to its lowest level since October 30.
Logica cut its sales forecast at its mobile business for the second time in two months. Investors sold the stock in droves and it sank 83p to 409.5p, at one point it hit 393p, its lowest since November 1998. The company said large cuts in spending by Japanese clients had necessitated this further forecast downgrade.
Cable & Wireless also fared badly. The stock had hit 205p, its lowest level in more than a decade, but eventually settled at 212p, down 7.2%. The group admitted revenue at its biggest division is likely to fall
further than it forecast.
WPP Group led a lowly bunch of risers on the FTSE 100 with a gain of 3.6% to 701p. The group said 2002 revenue probably won't fall.
Over on Wall Street markets were subdued by yet another accountancy scandal – fast becoming an early fashion for companies in 2002. This time whispers circulated that Computer Associates International is the target of a federal criminal investigation into its record-keeping.
The Dow Jones crept 29 points higher to 9775, the Standard & Poor's 500 fell 3 to 1079 while the Nasdaq lost 10 to 1740.
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Via The Exchange
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