LONDON -- Things were pretty bleak across the whole market midday, as the
suffered another triple-digit loss, falling 111.3 points to 6168.60 and the
plunged 61.25 points to 3708.98.
There was no let up in the selling pressure which has helped drive telecom giant
down to its lowest level since December 1998. BT got hammered after a profit warning from
and a report that said a clash of egos will stymie the long-touted tie up with
. BT was 7% lower to 735p ($10.29).
Fears that higher oil prices will lead to an economic slowdown have clearly taken root, and even a lower opening in front month Brent futures can't shake this belief. Both the main index's big oil stocks took a tumble.
slid 6.5p to 631.5, while
slipped 16p to 579.
Back to the telecoms.
plunged 9.4% to 144.25p making it the FTSE 100's biggest loser, while
shed 25p to 500 after it announces it has completed a share placement worth
The tech sector took a pounding this morning in spite of an encouraging performance by the Nasdaq.
both initially rose on the back of the
Nasdaq Composite Index
. But neither could hold onto their early gains. ARM shed 2.9% to stand at 688.5p, while Parthus fell 13.5p to 287.5. Meanwhile,
confirmed that it is to buy US-based
, which makes integrated access devices (IADs) for around
191 million. The deal doesn't delight punters, who promptly drove the price 47p lower to 938.
After starting out higher, Europe's other major stock markets also quickly turned tail and were solidly in negative territory midday Thursday. The
in Paris was down 122.6 at 6282.8 and the
in Frankfurt was down 101.5 at 6,663.7. The Neuer Markt's tech-heavy
index was 122.4 lower at 5326.1.
Things got ugly fast for techs this morning, with
down 6.60 euros at 255.90 ($217.51),
down 3.78 euros to 162.22 and
down 1.14 euros to 42.85.
Telecoms were also lower, as
was off 6.60 euro to 113.90,
dipped 1.26 euros to 38.54 and
fell 0.51 euros to 22.14.
In Paris, insurer and financial services group
fell 5.70 euros to 152.10, after posting less-than-expected first-half profits.