LONDON -- As in the U.S., European markets saw tech shares slump, while old-economy issues faired better.
In London, the
closed 36.7 points higher, or 0.6%, at 6,232.9, but the tech-heavy
ended down 53.3, or 1.6%, at 3,344.1.
provided the feature of the day -- and was also one of the biggest losers. A rise in revenue and a reasonable set of annual figures cut little ice with investors, and using the time-honored maxim that a profit is never a profit until you take it, investors did just that. The share price consequently retreated from a high of
10.15 to finish 70p, or 7.1%, lower at 922 ($13.83).
The sector trend also had something to do with the fall in BT. High third-generation mobile phone costs and ever increasing competition are encouraging investors to seek pastures new.
slumped 224p, or 9.9%, to
20.49, having been over 40 just six weeks ago, while
retreated 21p, or 3.1%, to
continued to go its own way by moving against the trend and rising 4p, or 1.4%, to
Tech stocks were mostly unloved, with
BATM Advanced Communications
falling 117p, or 3.2%, to
shed 95p, or 5.4%, to
16.55. The notable exception was
, which rose 145p, or 1.9%, to
Media stocks eventually succumbed to the downward pressure exerted on telecom and technology shares, and recent high-flyer
managed to turn a gain of 44p into a loss of 3p, or 0.1%, at
, after moving up 38p at one stage, it slid away to close 133p lower, or 11.0%, at
managed to retain a modest gain to close 2p, or 0.2%, higher at
So what kept the Footsie in the blue? Financial stocks featured
, up 32p, or 2.1%, to
Royal Bank of Scotland
chipped in with a rise of a more modest 2p, or 0.2%, at
Pharmaceutical stocks were also strong performers.
rose 43p, or 2.2%, to
20.11, while merger partner
added 17.5p, or 2.0%, at 900.5.
Europe's other major stock markets ended mixed after trading in a tight range. The
in Frankfurt ended down 29.93, or 0.4%, at 7181.58 and the
in Paris finished near unchanged at 6451.97. The Neuer Markt's
index closed down 95.14, or 1.4%, at 6797.50.
Big technology shares in Frankfurt erased early gains to close the session lower.
fell 1.00 euro, 0.7%, to 146.00 ($130.56), software maker
dropped 17.65 euros, or 2.9%, to 586.35. Europe's largest Internet service provider
tanked 2.47 euros, or 5.9%, to 39.50.
Most German financial shares were able to book gains Thursday, as insurer
surged 9.00 euros, or 2.2%, to 416.20,
closed up 0.56 euros, or 0.7%, at 82.76 and
ended 0.06 euros higher, or 0.1%, at 45.39.
European telcos, on the other hand, had an off day, with
, down 2.43 euros, or 3.9%, at 60.26,
4.00 euros lower, or 2.6%, at 151.00 and
finished off 0.22 euros, or 1%, at 23.06.