Shares across Europe opened lower this morning following last nights hike in US interest rates.
The Federal Reserves decision put the dampener on markets around the world and in early trading the FTSE-100 index of leading shares followed suit with a fall of 44 points to 6274.4.
On the domestic front there was little of note on the London Stock Exchange and dealers reported light morning trading.
Shares in Cadbury remained unchanged at 448p after despite last nights announcement from the company that it was interested in buying up the sweets operation of US food giant Nabisco which is currently putting its whole business up for sale.
Shares in Safeway fell a moderate 1.5p to 237p after the company unveiled a 30% drop in profits last year.
The dip in profits had been widely expected and the company pointed out that its new no frills policy was wooing customers back to the supermarket chain.
Shares in Tesco rallied slightly, up 2p to 208.5p while rival Sainsbury was unchanged at 360.5p.
Also reporting today was telecoms group Cable & Wireless which reported a huge leap in profits on the back of its aggressive disposal programme. Its shares were 12p better at 981p.
And Wickes, the DIY chain, built up a 9p rally to 420p after rejecting an improved takeover approach from rival Focus Do It All.
PA News 17/05/00
