Shares took their cue from international markets today as they drifted straight into decline in the opening minutes.
With little corporate news among the frontline stocks, the FTSE-100 fell 18.1 points to 5415.8, with smaller indices all recording similar declines.
Fairly hard falls in Asia and the US overnight were mirrored across European markets and London was no exception.
Food wholesaler Booker made the most dramatic move of the early session after a profit warning sent it into a tailspin. The troubled group fell 49.5p to 69.5p – a fall of 42%.
Footsie followers were waiting for the lunchtime results announcement due to come from Cable & Wireless Communications. But while the British outfit, expected to move into the black after its long-term investment programme, remained level pegged at 461p, the parent group Cable & Wireless which reports later this week fell 13p to 628p. Heavy exposure to the Far East is seen as a potential risk to C&W.
Elsewhere, reports that Marks & Spencer’s executive chairman Sir Richard Greenbury had cut short his Indian holiday to deal with boardroom bickering caused some interest. Shares gained 2p to 420p.
Coffee Republic, the cafe group, increased 2p to 12p – a 20% gain, after strong results saw a massive increase in turnover although it is still not profitable.
PA News 10/11/98
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