The London market slid lower today as a fall on Wall Street and a slip in Cadbury Schweppes’ shares weighed on dealing.
After an hour of trading the FTSE 100 Index was down 30.7 points at 3635.5, taking its lead from a fall in the US.
The Dow Jones Industrial Average gave up early gains and ended sharply down last night as a late selling spree hit the market.
In London, Cadbury Schweppes tumbled 4%, down 14p at 321p, after cautioning profits at its US soft drinks arm, Dr Pepper/Seven Up, were unlikely to exceed 2002’s level.
The shares slide came despite the group reporting a 6% rise in profits for the last year.
Other fallers included drugs giant GlaxoSmithKline, off 25p at 1112p, as traders showed caution ahead of its results due at midday.
The group is expected to report an increase in full-year profits but the market will be looking for reassurance about potential growth from its drugs pipeline.
Insurers and banks, which had a good day yesterday, slipped back.
Legal & General was off 1.5p at 73.25p, Royal & Sun Alliance fell 1.75p to 93.5p and Friends Provident was down 2p at 95.75p.
Among the banks, Abbey National slipped 7p to 417.5p while Bradford & Bingley fell 5.75p to 261.5p.
Only a handful of stocks managed to make gains, including defence groups GKN, up 4p at 177.25p, and Rolls-Royce up 1.25p at 88p.
References: EGi News 12/02/2003
