LONDON -- A gloomy mood was afoot Thursday morning as European investors awoke to news of losses of 168 points in the Dow Jones Industrial Average and 200 points in the Nasdaq composite, although the markets could be said to be showing a measure of resilience.


FTSE 100

was down 36 points after 20 minutes of trading, but steadied at 6,082.9, off 17.7 points. The


, however, was down 101 points to 3,372.0 as, unsurprisingly, the techs bore the brunt of the selling.

For example,


slipped back 23p to 675,

Baltimore Technologies


was 400p off at

49.00 and

BATM Advanced Communications

fell 212p to


Telecoms fared no better, with

Vodafone AirTouch

(VOD) - Get Report

6p lower to 249,

Colt Telecom


down 112p to

24.00, and

British Telecom


5p cheaper to 917.

Believe it or not, there were some bright spots in the market, with



6p firmer to 560 as the company revealed that first-quarter sales growth was up 12% to

2.6 billion. Like-for-like sales increased 7.1% for the quarter. All of the group's main businesses showed increased sales with a particularly strong performance in electricals.




attracted speculative support on U.S. bid rumors and gained 22p to 550.


(BOX) - Get Report

moved up 4p to 995 in the wake of Wednesday's statement on the company's future. The

Air Liquide/Air Products

preconditional offer is set to lapse Friday and the BOC board confirmed its intention to pursue its strategy as an independent company.


(UL) - Get Report

attracted further support after positive comment on Wednesday's first-quarter results and moved up 13p to 417.

British Airways

(BAB) - Get Report

added 2p to 360 on news that it is to join forces with 10 other major airlines to create the first European multi-airline, online travel agency.

took a 20p hit to 185 on competition fears.


(BCS) - Get Report

rose 9p to

15.50. On Wednesday, the company continued its share buyback with the purchase of 1.4 million shares at

15.48 per share.


moved up 6.5p to 615.5.

Oils held up well, with

BP Amoco


further underpinned by its good first-quarter figures and 4p higher at 594.


(SC) - Get Report

firmed 6.5p to 552.

Negative press comments about future costs and the TV rights for Premier League soccer unsettled



, which fell 114p to

12.20. The shares fell 178p Wednesday. Other media stocks were brighter with


up 44p to

21.00 and



17p better at


Conditions on the Continent weren't pretty either. The

Xetra Dax

in Frankfurt was down 68.5 to 7,052.3 and the

CAC 40

in Paris was off 52.7 to 6,210.6.

Techs and telecoms were sold heavily.



was down 3.45 euros to 149.05,



down 2.50 euros to 104.00 and


(NOK) - Get Report

down 1.25 euros to 54.30.

Some did manage to eke out gains.

Deutsche Telekom

(DT) - Get Report

was up 1.27 euros to 62.00 and

France Telecom


rose 1.80 euros to 147.80.