LONDON -- Friday wasn't shaping up to be a particularly memorable session, as the proximity of the weekend kept many people away from the market and the Nasdaq's weak close hurt technology shares. Consequently, the red pen has come out, and prices have been slashed even before the sellers could get going. This morning, the FTSE 100 was down 121.2 points to 6111.7, while the Techmark index of leading technology shares was 120.2 lower to 3224.0.
accounted for around a third of the Footsie's drop, losing 11p to 254 (US$3.77), as telcos remained unloved.
fell a further 38p to 884. Just after its annual figures were released Thursday, the share stood at
Leading the tech stocks lower,
halted its recent impressive run, and slipped back 250p to
fell 125p to
When you consider that
was quoted as low as 675p just one month ago, it is hardly surprising that investors looked at the price this morning of 870p, skipped through a set of good full-year results and locked in some profit. In a classic example of buying on the rumor and selling on the fact, Marconi was down 39p this morning to 838.
, down 2p to 610, has received unconditional regulatory clearance from the
for its proposed acquisition of
, up 33p to
16.43. With U.S. approval already granted, the deal should be completed by the third quarter, allowing growth and savings targets to be implemented in the current financial year.
Europe's other stock markets were also in negative territory Friday, as technology shares floundered following the Nasdaq's miserable close Thursday. The
in Frankfurt was down 138.60 to 7042.98 and the
in Paris was 171.26 lower to 6280.71. The
index was down 150.71 to 6646.79.
In Frankfurt, big techs were all lower, as
dropped 2.60 euros to 147.60 (US$131.88),
was off 4 euros to 142 and software maker
fell 11.85 euros to 574.50.
German banks all gave up gains made Thursday, with
down 0.69 euro to 40.50,
off 1.20 euros to 81.56 and
down 1.89 euros to 43.50.
European telcos were also getting hammered Friday, as
fell 1.80 euros to 58.46,
dropped 5.10 euros to 145.90 and
dipped 0.28 euro to 22.78.