The FTSE 100 slumped this morning, depressed by yesterday's dismal trading in the US which saw th...
The FTSE 100 slumped this morning, depressed by yesterday's dismal trading in the US which saw the Nasdaq decline to levels unseen since October 1998. In the UK, technology and telecom stocks paced the fallers.
At morning trade the FTSE 100 dropped 90.7 points to 5372.4.
Only 11 stocks posted gains among the FTSE 100. Prudential led the gainers by a long way following news that US insurance giant AIG has emerged as a rival bidder for American General of the US. AIG put in a £16bn counter bid. Prudential shares rose 68p to 812p.
Technology, media and telecom stocks were the worst performers. In the FTSE 100 software group Logica led the losers, down 65p to 785p. Colt Telecom fell 46p to 629p and Granada lost 9.75p t o143p.
On Wall Street yesterday a slew of earnings warnings capsized the markets and the ongoing row between the US and China over that spy plane did not help market confidence either. On Tuesday, the Dow Jones slumped 292.22 to 9485.71 whilst the Nasdaq tumbled 109.97 to 1673.
In Asia, the Hang Seng slumped 499.8 to 12063.71, a 22 month low. In Japan, the Nikkei ignored the US tech gloom and a spate of bargain hunting lifted the Nikkei 118.31 to 13242.78.
Service increasingly key
Aiming to be' top three' UK financial planner
Lowest measure since index launched in 1995
Complaints into double figures
Despite lower median annual earnings