The FTSE 100 began the week moderately lower. Old economy stocks dominated the losers board but bout...
The FTSE 100 began the week moderately lower. Old economy stocks dominated the losers board but bouts of bargain-hunting among new economy stocks offset losses to the UK's leading index. A poor finish on Wall Street on Friday dampened the mood.
At morning trade the FTSE 100 was down 22.3 points to 5456.9.
Leading the fallers was banking group Abbey National. Shares fell 35p to 1152p on concerns the Government will block Lloyds TSB's bid for its rival on competition grounds. A decision is expected tomorrow. Lloyds dropped 11p to 659p.
Marks & Spencers wasn't faring too well either ahead of its first quarter sales update to be announced Wednesday. Shares fell 5.25p to 253.75p.
On their way up in the FTSE 100 was a spread of telecom and technology gainers, benefiting from bouts of bargain-hunting. Dimension Data led the risers with a gain of 5.5p to 153.75p followed by CMG with a rise of 5.25p to 255.25p. Even Marconi recovered some of last week's plunge, adding on 1p to 105.5p.
Trading wasn't too good over in Asia earlier today. Free-falling computer related stocks saw Japan's Nikkei 225 fall for a fourth day, down 66 to 12239, which is just 209.5 points shy of a 16-year low.
Over in Hong Kong, the Hang Seng was pushing three month lows with the index off 308 to 12690.
Wall Street suffered further losses last Friday with all the major indices under pressure.
Technology stocks weakened and the Nasdaq dropped 76 points to 2,004.
Blue-chip stocks were also in the firing line which saw the Dow Jones shed 227 points to 10,253 while the Stanadard & Poor's 500 lost 28 to 1190.
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