LONDON -- The hot weather in London is not being translated into activity in the stock market and in the case of many leading stocks it was less a case of a slow start than a nonstart. After 30 minutes of trading, just over half of the FTSE 100's stocks still had not traded, and by midmorning the index was down 38.2 points at 6,245.3 and the Techmark was showing a fall of 0.3 points at 3,462.8.
Some takeover news did add some spice to the market.
jumped 27p after
weekend reports that the media-leisure group is in merger talks with
were confirmed Monday morning. By midmorning, Granada was 10p higher at 643 ($9.72). Compass shares fell 88p to 814 on the news.
The expanded group is expected to split almost immediately into Granada Media and a nonmedia side including Compass and the hotel group Forte.
climbed 10p to 172.5 after its board agreed to recommend a cash offer from
, Europe's largest package tour operator. This values Thomson at
1.8 billion, and the shares at 180p.
failed to respond to news of a 10.2% rise in domestic travel in the year to April and reports that it has almost secured a contract to run the services at Logan Airport in Massachusetts. The shares were down 2.5p to 484.
Tech stocks were something of a mixed bag.
rose 50p to
lost 137p to
38.00 ahead of first-quarter results on Tuesday.
Europe's other stock markets were also lower, with the
in Frankfurt down 43.26 at 7226.02 and the
in Paris 25.24 lower at 6424.03. The Neuer Markt's
index was down 63.05 at 6908.61.
Big German tech shares were mixed, with
up 1.50 euros to 137.00 ($125.89) and
up 0.28 euros at 155.38, but software maker
fell 10.13 euros to 602.88.
was one of the day's biggest gainers in Frankfurt, after the U.K.'s
Thompson Travel Group
accepted it's takeover bid. Midday, Preussag was up 0.61 euros at 43.75. Merging utilities
were down 0.61 euros at 41.08 and 0.13 euros at 22.07 respectively, after announcing their chemical units Degussa-Huels and SKW Trostberg would also merge.
Major European telco shares were mostly lower.
was down 1.30 euros at 156.00 after announcing it might soon carry out a capital increase. Dax heavyweight
was down 0.64 euros at 64.95 and
fell 0.12 euros to 23.90.