The heavy selling on Wall Street led European bourses deep into the red today.
In London, the
tested the pain barrier, with a fall of 188.6 points, or 3%, to 6,184.8, while the technology benchmark, the
, tumbled 118.0, or 3%, to 3,707.3.
Tech stocks saw some of the fiercest selling.
dived 587p, or 16.7%, to
29.13 ($18.70), while
dropped 457p to
derived little inspiration from its latest Aussie deal and shed 311p to
tumbled 112p to
led the media sector lower with a loss of 175p to
21.59, followed closely by
, down 55p to ¿11.45.
Telecom stocks completed the trio of misery, with sentiment undermined by yesterday's
sank 18.5p to 270, and
shed 50p to ¿11.22.
tumbled 269p to
Anything that ended on a blue note today had to be something special, and
managed to retain a penny gain at 551, after an upgrading by
. The same broking house was less kind to the rest of the sector, with
losing 23p to 584.
fell 12p to 395, as analysts projected a dim view of the company's presentation of its
Marconi Electronic Systems
produced better than expected first quarter figures, but market sentiment pushed the price down 69p to
finished 5.5p lower at 423 as the
bid deadline came and went without anyone the wiser.
provided a ray of sunshine, with a gain of 48p at 487 on the proposed acquisition of
and a proposed 1-for-6 rights issue at 355p per share, something of a rarity in this market when many companies are busy buying back shares, rather than issuing them.
Europe's other bourses finished Wednesday in negative territory, with the
in Frankfurt finishing down 178.99, or 2.4%, at 7376.93 and the
in Paris ending 126.76 lower, or 1.9%, at 6435.65. The Neuer Markt's
index closed down 144.64, or 2.2%, at 6562.69.
German technology stocks ended lower as investors decided to favor old economy issues.
closed down 5.72 euros, or 3.4%, at 163.50 ($148.52), software maker
fell 29.00 euros, or 4.4%, to 639.00 and the Neuer Markt listed
ended down 2.25 euros, or 4.7%, at 45.75.
ended up 0.82 euros, or 1.9%, and carmaker
rose 1.20 euros, or 2.8%, to 43.60.
fell 5.04 euros, or 6.7%, to 69.96 and
ended down 6.50 euros lower, or 3.7%, at 171.50, but
closed up 0.04 euros, or 0.2%, at 26.78.