Oh dear Vodafone was the cry this morning as a 5p drop to a new near 5-year low of 89.5p pulled the ...
Oh dear Vodafone was the cry this morning as a 5p drop to a new near 5-year low of 89.5p pulled the FTSE 100 index down 51 points to 4,720.
The firm admitted its Japanese subsidiary was not cutting subsidies to retailers as quickly as previously promised, and the market's reaction was harsh.
BT is being hit because of a regulator suggestion that it reduce the fees it charges for high speed internet access.
BT has seen off just about every competitor in the broadband market, but the Oftel statement implies lower future earnings, so its shares dropped 4.5p to 246p.
Banks are also continuing their poor run of this week, as Abbey National has lost another 16p to 842p, Standard Chartered is down 13p to 736p, and Royal Bank of Scotland is down 31p to £18.49p.
Friends Provident is being caned after a report that most of the cash raised through its floatation last year has disappeared because of bad investments.
Three quarters of the £1.6bn raised from the float is gone because it went into a with-profits fund that has fallen sharply over the past year as stock markets headed south.
Energy and utilities firms are doing better from the investor switch towards solid defensive plays.
Scottish Power has added 4.5p to 381.75p, BG is up 3p to 283p, International Power is up 1.75p to 182.5p, and BP has reversed some of this week's losses by putting on 5p to 547.5p after statements from the Malaysian government that plans for another big petrochemical plant may once again be on the table - earlier this year BP was forced to concede that low demand would put off any decision to go ahead with the new infrastructure.
The UK's mid-cap stocks are also faring badly today as the FTSE 250 index is currently down about 66 points at 5,791.
Woolworths has lost 4.5p to 44p after stating that talks with BHS about a possible merger are now off.
Aberdeen Asset Management is off by 17.5p to 230p after it said it would compensate investors in its split cap products.
Innovation Group has rebounded, however, by 4p to 97p after again saying that the loss of a business deal with Royal & Sun Alliance for its insurance software will not hurt overall sales as much as investors fear.
Last night the Dow Jones Industrial Average index lost 114.91 points to 9,502.80, as Nasdaq's Composite index shed 22.26 to 1,496.86.
Tokyo's Nikkei slid 224.21 to 10,920.63 after investors continued to fret over what could happen to exports if US retail sales start stagnating again.
Scam victims lost average £91,000
Stepped down following MBO
Helped by rising oil price
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