Tech shares dragged the FTSE-100 Index lower in early trading today as the market took stock of Friday’s heavy losses in the US.
After the first hour, the FTSE was down 15.5 points at 6240.9 following the tech-dominated Nasdaq exchange’s 4.4% fall at the end of last week.
Among those feeling the heat were software company CMG, which lost 40p to stand at £10.04, and telecoms equipment firm Spirent, down 19p at 516p.
Computer services group Dimension Data fell 15p at 490p while software group Autonomy was also down, off 55p at 19.45.
British Airways was among the fallers, despite announcing third quarter figures at the top end of market expectations. It said it had turned a loss of £60m the previous year into a £65m profit this time around. Shares in BA, however, slipped 10p to 447p, with commentators blaming the decline on profit taking.
The other big corporate news came from mortgage bank Halifax, which announced it was to buy the operating assets of mutual life insurer Equitable Life. The two-stage deal, worth up to £1bn, cost Halifax on the London market though as its shares lost 10p at 635p.
However, brewing giant Scottish & Newcastle lifted 7p at 462p after announcing that Christmas trading had been in line with expectations.
And Pizza Express saw some extra topping added to its share price as the City warmed to its interim figures showing a 30% rise in pre-tax profits. Shares improved 11p at 784p.
EGi News 12/02/01
