LONDON -- The falls in the
overnight meant the London market was lower Wednesday morning, although dealers reported that there was no real selling pressure. Midmorning, the
was down 68.1 points to 6419.0 and the
index of leading technology stocks was down 233.2 points to 5262.3.
The techs and the biotechs are under the weather, and while the tech bubble has not burst, it's certainly got a slow puncture this morning.
"I don't really fancy this today, that Nasdaq fall is quite worrying," commented a leading market maker. "We could easily be 100 points the wrong way".
Tuesday's market newcomer
fell 90p to 397.5 (US$6.24), just 17.5p above the offer price of 380. Are there going to be any profits for the little people who were awarded just 35 shares each? Probably not.
A few fuses have blown in the techs, with
falling 650p to 128.00 pounds.
was down 260p to 25.97 pounds and
fell 386p to 42.85 pounds.
, which this morning announced that it intends to buy fellow softwear and services provider
of the U.S., lost an early 23p gain to stand 191p lower on balance at 15.05 pounds.
It wasn't one-way traffic, however.
gained 315p to 32.92 pounds before settling 67p higher at 30.45 pounds on news that the company has cooperated with the U.S. Postal Service to deliver a Web-based shipping and receiving solution to
, one of the world's largest retailers.
Biotech losers include
, which caught a 750p cold and stood at 25.87 pounds.
was feeling poorly and was 470p lower to 22.35 pounds.
The major Continental stock markets were also lower, with technology and telecommunications shares posting some of the heaviest losses. The
in Frankfurt was down 146.36 to 7503.69 and the
in Paris was 135.97 lower to 6214.38.
fell 2.51 euros to 85.59 (US$82.81), continuing its slide from Tuesday.
also were lower, as was software maker
. Epcos fell 7 euros to 124.90, Siemens was down 13.09 euros to 157.71 and SAP was off 53.80 euros to 936.20.
was one of the biggest gainers in Frankfurt amid speculation the company was preparing to dump its loss-making Rover unit. BMW was up 2.58 euros to 29.89. That helped other auto companies like
, which was 0.21 euros higher to 65.87.
dropped 7 euros to 177.10 and
was 7.50 euros lower to 233.50.