Trading is likely to be quiet today with little news expected on the corporate front and traders win...
Trading is likely to be quiet today with little news expected on the corporate front and traders winding down activity ahead of the Easter holiday. The FTSE 100 slipped in value but losses or potential gains are expected to be modest. The US's Nasdaq enjoyed another decent day's trade yesterday boosting confidence in UK technology stocks.
At morning trade the FTSE 100 slipped 33.8 points to 5754.3.
Telecoms and predominantly old economy stocks led the index lower. Heavyweight Vodafone slipped 3p to 216p as did EMI, tumbling for a second day, down 22p to 440p. Speculation mounts that the proposed merger of EMI and Bertelsmann is close to collapse.
Not a good start to the day for technology stock Baltimore, shares tumbled after the software group confessed, for the second time, that sales will disappoint. Last month's revision saw the figure scaled down from £31m to £25m. Delayed contracts, now mean forecasts for first-quarter revenue have been set at £23.7m. The stock lost 9.5p to 82.5p.
Over in the US, New York enjoyed another rally from on the Nasdaq yesterday. This time the technology biased index recovered 2.5% but the Dow Jones failed to do likewise and slipped.
With fresh first-quarter earnings reports on the horizon there were few onlookers ready to bet that recent gains for technology stocks will hold.
The Nasdaq finished the day up 46.92 to 1898.95 while the Dow lost 89.27 to 10013.47. The Standard & Poor's 500 shed 2.49 to 1165.89.
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