Shares on the FTSE 100 went lower this morning, sending the index down about 18 points to 4,339.
Sage led with a loss of 6p, or more than 3% to 167.75p after another software company selling non-competing products to many of the same customers reported it would not meet quarterly sales and profits targets.
Marks & Spencer is down 5.75p to 362.5p after the board rejected the latest bid from Philip Green worth about £9bn, saying the 400p per share undervalued the company. An alternative vision is expected to be presented by new chief executive Stuart Rose later today, which the board says will allow shareholders to make up their minds as to whom they should support.
Banks are down on comments from analysts that profits could be hurt by a slowdown in consumer spending.
Barclays is down 6.5p to 453p, Bradford & Bingley is down 3.5p to 260p, and Lloyds TSB is down 5p to 405.75p.
EMAP is up 7.5p to 730p ahead of a trading statement.
Abbey is up 1.75p to 483.25p as rumours of business or asset sales remain.
The FTSE 250 index is down about 42 points to 6,077.
Eurotunnel is down most, by 1.5p to 23.5p as investors continue to fret about the recovery plans outlined yesterday by new management struggling with a massive debt load.
Shares gained in the US overnight. The Dow Jones Industrial Average index climbed 20.95 points to 10,240.29 as Hewlett-Packard reported increasing sales of its printers.
The S&P 500 index gained 2.12 points to 1,118.23, while Nasdaq’s Composite index added 2.65 points to 1,966.08.
Tokyo’s Nikkei 225 is down 62.63 points to 11,322.23, while Hong Kong’s Hang Seng index is off by 190.07 to 12,130.19.IFAonline
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