London shares slid closer to the 5,000 level today as traders took their lead from falls on Wall Street last night.
After an hour’s trading, the FTSE 100 Index was 16.4 points lower at 5063.8, adding to a 40 point decline yesterday as the market looked set for a subdued end to the week.
Falls on the US’ Dow Jones, Nasdaq and S&P following disappointing earnings outlooks from internet equipment maker Juniper Networks and electronic equipment maker Jabil Circuit depressed shares in London this morning.
And a slide on the Far East markets also hurt sentiment.
In London – in a very quiet day for corporate news as firms wound up for Christmas – there were few trends.
Banks were broadly lower, with HSBC off 13p at 791p, Northern Rock down 13p at 617p and Lloyds TSB off 10p at 716p.
Fund manager Schroders NV fell 23p to 785p, while Amvescap was off 27p at 973p and South African financial firm Old Mutual was off a penny at 82p.
Chemicals firm ICI, which agreed new arrangements for the sale of its 30% stake in the Huntsman joint venture to private US chemicals firm Huntsman Corp, slipped 2%, off 6p to 377p.
But moving in the opposite direction were retailers, continuing yesterday’s rising trend as high street firms geared up for the final weekend before Christmas.
Safeway was up 2p at 309p, Sainsbury was up 3p at 347p, Next rose 6p to
884p while FTSE 250 stock Debenhams was 2p ahead at 397p.
EGi News 21/12/01
