LONDON -- It didn't matter whether you were a high tech or a smokestack investor on Friday. While the two sectors went their different ways on Thursday, there was no doubt about Friday's direction -- down.
ended with a loss of 187.5 points, or 3.0%, at 6,045.4, its lowest level ina month, while the
staged an even more dramatic decline, sliding 291.9 points, or 8.7% to 3,052.1, its worst level since October last year.
The day didn't really get off to the best of starts as two profit-warnings set the ball rolling. The companies in question were
, which fell 47p, or 22% to 162 ($2.40) and
, which ended 18p, or 37% lower at 30.5.
In other techs,
collapsed 492p, or 12.3%, to
dived 249p, or 15.1%, to
fell 99p, or 15.0%, to 562, and
retreated 70p, or 9.2%, to 419.
Media stocks suffered the same treatment.
fell 239p, or 11.3%, to
closed 70p lower, or 6.5%, at
In the telecom sector,
was down 23p, or 8.6%, at 242.5, and
fell 137p, or 6.7%, to
continued to suffer in the wake of a poor response to recent earnings figures, and shed another 41p, or 4.5%, to 881.
provided full-year earnings on Friday, and while the numbers were not all that bad, the stock suffered as a result of three key factors, the wrong sector, the wrong day and a solid rise in the share price in the past month. The price collapsed 111.5p, or 12.7% to 765.5.
A rare bright spot was
, which registered a gain of 36p, or 2.2%, to
16.46 after the bid from
received full EC regulatory approval. BP Amoco tried its best to rally, but was left nursing a loss of 4p, or 0.7%, at 609.
It was a miserable end to the week on the Continent as well, with much of the blame placed squarely on the shoulders of the tech and telecom sectors. The
in Frankfurt ended down 192, or 2.7%, at 6989 and the
in Paris finished 256 lower, or 4.0%, at 6196. The
Neuer Markt's Nemax 50
index ended down 284, or 4.7%, at 5784.9.
Like their British counterparts, European telcos were hammered regardless of nationality.
fell 4.01 euros, or 6.7%, to 56.25 ($50.63),
closed down 1.30 euros, or 5.6%, at 21.80, and
collapsed 11.80 euros, or 11.6%, to 90.20.
Phone makers also had a disastrous day.
ended down 16.50 euros, or 5.9%, at 265.50 and
finished down 5.20 euros, or 8.5%, at 55.80.
In Frankfurt, blue chip techs stocks were some of the day's biggest losers.
closed down 9.64 euros, or 6.6%, at 136.36 and software maker
finished 30.50 euros down, or 5.2%, at 555.85.