Logica tumble leads FTSE 100 towards 5,000

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 furthe...