LONDON -- The Abby Joseph Cohen factor did take its toll on London share prices initially, but the market demonstrated some resilience.
started around 20 points lower and extended its fall to 43.6 points to 6606.5, reflecting the negative influence of Cohen's move to reduce stocks in the
equity asset allocation from 70% to 65%. However, market makers had expected a bigger fall with interest drying up ahead of the end of the quarter.
Technology stocks were again volatile in the wake of last night's 124-point
fall, with the
index of leading tech stocks down 55.5 points to 4706.5.
made immediate progress to stand 302p higher at 105.00 pounds (US$168.00), but since eased 496p lower to 97.02 pounds.
advanced 113p to 14.45 pounds before retreating to stand just 10p dearer at 13.42 pounds.
Interactive Investor International
was up 56p to 255 following details of its new wireless application protocol and interactive television services.
fell 51p to 18.90 pounds after announcing details of a 340 million-pound share placing to fund the completion of its German
Oils were underpinned by
agreement to raise production by 1.45 million barrels to March 1999 levels will not be enough to stem a rise in oil prices.
added 2.5p to 517 and
gained 3p to 480.
Europe's Continental stock markets were mixed. The
in Frankfurt was down 24.58 to 7907.35, but the
in Paris advanced 26.21 to 6550.51.
Technology shares bore the brunt of the selling after gaining the day before in Frankfurt.
was down 2.70 euros to 154.20 (US$149.57) and
was off 30 euros to 895.
Carmakers were having a mixed day.
was down 0.41 euro to 67.63, but
was up 0.64 euro to 45.69.
was able to climb 1.40 euros to 93, after the
Financial Times Deutschland
reported the IPO price for DT's
unit would be higher than previously expected.
was unchanged at 201 euros and
was down 0.29 euro to 27.37.