The FTSE 100 Index closed down 0.34% to 5,760 points led by a poor start in the US and big losses at Cable & Wireless.
Cable & Wireless slumped 10.70% to 102.25p after it announced it is to split in half, prompting the end of CEO Francesco Caio’s tenure at the group, alongside a gloomy trading statement. C&W warned underlying earnings for 2006-7 would be no higher than 2005-6 due to pressure on profit margins and the costs of reorganisation of its UK business. Fellow telecoms also fell, with Vodafone down 2.28% to 118p and BT dropping 1.08% to 205.50p. Weak miners added to the gloom as lower copper prices prompted investors to trouser profits after recent bumper gains. Rio Tinto and Antofagasta were a...
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