A rally on Wall Street failed to inspire the London market today as trading got off to a subdued start. By 9am the FTSE 100 Index had dipped 2.9 points at 5201.9, although it dropped more than 20 points when it first opened.
The performance was stagnant despite another surge in the US last night, where the Dow Jones Industrial Average put on 169 points while investors snapping up tech stocks helped the Nasdaq soar 3.2%.
In the UK this morning, however, tech stocks were mixed. Computer services company Logica was unable to hold onto yesterday’s modest gains and slid 8p at 236p, while software group Sage shed 2p at 183p.
But telecom stocks were faring better, with Vodafone ahead 1p at 104p and MMO2 up 1p at 46p.
Retailers were having a weak morning and high street fashion chain Next lost 13p at £10.70p while Argos-to-Burberry group GUS shed 7p at 651p.
Among the grocers, WM Morrison Supermarkets fell 2p at 232p and Tesco was 2p weaker at 259p. In a quiet morning for corporate news, gas transportation group Lattice eased p at 192p.
Lattice, which posted 15-month figures today, said it was taking a £250m charge to cover the lower value of its loss-making broadband unit.
EGi News 14/05/02
