Tech, retail drive FTSE lower

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 ...