LONDON -- The FTSE 100 started strongly and was soon up 60 points, but a lack of follow-through support and an indication from the Standard & Poor's and Nasdaq futures contracts that Wall Street will open lower has led to it falling back to stand 42.5 points lower at 6196.3. The Techmark, however, was clinging to a rise of 15.9 points to 3768.0.
began with an 8p gain, but by midmorning was down 9p at 268 ($4.10).
threw away an initial rise of 20p to stand that much lower at
Cable & Wireless
fell 27p to 994 and
dipped 40p to
A weekend press report that
to conduct a review of its 80% stake in
boosted the latter 13p to 420. Dixons currently has an agreement not to sell any more of its stake until July, but this does not mean it can't announce its intentions before then. Previous reports have said that
rose 35p to 784 on the launch of its e-banking service. There were more reports today that
is preparing a bid for Abbey National, but Barclays is in the middle of a share-repurchasing program and a bid is not expected until this is completed. Barclays was 40p lower at
The usual suspects made the running in the tech sector, with
rising 597p to
, ahead of first-quarter figures on Tuesday, gaining 434p to
77.00 before falling back to trade 66p lower on balance at 72.00.
moved up 12p to 730 and
rose 22p to 820.
Oils continued to perform well in the wake of Shell's excellent results last week.
edged forward 3.5p to 531 and
, with first-quarter figures out Tuesday, rose 2p to 590.
rose 12p to 762 amid reports of a bid approach by
, which was 18p lower at
Europe's other stock markets started out the week slightly lower, with the
in Frankfurt down 47.88 at 7482.94 and the
in Paris 11.23 lower at 6534.53. The Neuer Markt's
index was down 25.46 at 6610.28.
In Frankfurt, technology shares were having an off day as
dropped 0.75 euros to 169.00,
dipped 3.60 euros to 156.40 and software-maker
fell 1.28 euros to 665.80.
Some of the day's biggest gainers were Old Economy stocks like
, which gained 0.50 euros to 24.50. Financial issues
were also able to climb 0.15 euros to 42.85 and 0.19 euros to 76.19, respectively.
Deutsche Telekom fell 1.25 euros to 68.65, despite reports the third tranche of the company's shares to be floated would be smaller than expected. Other European telecom stocks were also lower, as
fell 1.30 euros to 169.00 and
dipped 0.07 euros to 26.08.