LONDON -- It was a shambles in the London stock market on Wednesday, with the market finally opening at 1545 GMT after technical difficulties prevented any trading. As if it wasn't bad enough for market makers and investors attempting to square books ahead of the end of the tax year while dealing with the wild gyrations in early trading in New York.
In an effort to make up for lost time, the
London Stock Exchange
decided to postpone the close of trading to 1830 GMT. Once it was all over and done with, the
finished down 67, or 1%, to 6,360.
Tech stocks shrugged off the overnight Nasdaq flirtation with meltdown, and bounced back with renewed vigor.
573 pence, or 19.1%, to 35.75 pounds ($17.61),
was up 36p, or 2.8%, to 13.14 pounds, and
GEO Interactive Media
was up 110p, or 8.4%, to 14.23 pounds after favorable press comment and a recent deal with telco
Renewed interest in the techs came at the expense of the Tuesday's gainers such as financial stocks.
was down 121p, or 6.6%, at 17.07pounds, and
Royal Bank of Scotland
was down 43p, or 4.3%, at 968.00p.
Europe's other stock markets ended in negative territory, with the
in Frankfurt down 192.03, or 2.6%, at 7330.77 and the
in Paris off 185.00, or 3%, at 6036.94.
In Frankfurt, financial stocks jumped higher after merger talks between
broke down. Deutsche rose 3.19 euros, or 4.2%, to 80.01 and Dresdner ended up 2 euros, or 4.3%, at 49.
The failed merger sparked speculation of other possible deals, which helped other shares such as
, 0.92 euros higher, or 1.4%, to 66.98. The biggest loser was insurer
, which holds stakes in both Deutsche and Dresdner, and was thought to gain the most out of the deal. Allianz plunged 61.16 euros, or 13.9%, to 380.
German technology shares erased early gains to end the day in negative territory.
ended down 4.61 euros, or 3.3%, at 133.49 and
dropped 8.20 euros, or 6.6%, to 115.80.
ended down 10 euros, or 6.2%, at 152.10, after new reports the company was preparing a bid for U.K. wireless operator Orange.
ended up 1 euro, or 1.4%, at 75 and
closed down 0.57 euros, or 2.3%, at 24.23.