LONDON -- London took its lead from Wall Street, resulting in a sad session where buyers were on strike and market makers spent the day making down prices. There was some selling, but the volume was so weak that even a minor trade was enough to move a price significantly.
closed 92.5 points lower, or 1.5%, at 6,123.8 and the
shed 99.0 points, or 2.7%, to 3,634.8.
Telecom stocks were the saddest sector of the day. The high cost of third-generation mobile phone licenses, fresh competition worries and continued gloom over the collapse in the KPN-Telefonica merger talks were enough to knock another 15p, or 5.6%, off
to 252 ($3.86).
surrendered 43p, or 4.3%, to 957 and
fell 149p, or 5.3%, to
ended the session 19.5p lower, or 3.3%, at 577.5, with investors struggling to find anything in the latest quarterly earnings to get excited about, although most analysts seemed happy with the figures.
was left slightly better placed at 538, up just a penny.
In tech stocks, the list of winners in the sector was short. The losers were headed by
, down 525p, or 13.2%, to
BATM Advanced Communications
slid 402p, or 8.7%, to
, despite promising revenue numbers for the first quarter, settled 333p lower, or 4.8%,
Media stocks were a mixed bag, with
up 79p, or 3.7%, to
down 76p, or 6.6%, to
tumbled 123p, or 7.5%, to
lowered its price target for next year to
Most of Europe's continental stock markets also finished lower. The
in Frankfurt closed down 127.55, or 1.7%, at 7280.54 and the
in Paris ended 144.81 lower, or 2.2%, at 6369.61. The Neuer Markt's
index finished down 122.03, or 1.9%, at 6400.62.
ended off 5.30 euros, or 3.6%, at 143.20 ($128.63),
closed down 6.32 euros, or 3.8%, at 160.00 and software maker
finished 21.68 euros lower, or 3.3%, at 631.50.
Telecoms remained a focus around Europe after Japan's
announced it would take a 15% stake in Dutch telco
mobile unit for 5 billion euros. KPN finished down 8.20 euros, or 6.9%, at 111.30 as some investors felt the price too low and they are still smarting over the company's failed merger attempt with
closed down 4.50 euros, or 6.7%, at 62.50 and
ended 11.50 euros lower, or 7%, at 152.00.
surged 1.51 euros, or 4.6%, to 34.25 after securing an agreement to offload its troubled Rover unit.
slipped 1.29 euros, or 2%, to 62.70 and
climbed 2.05 euros, or 4.4%, to 48.75 after posting good first-quarter results.