Falls in US reflected in London
The Footsie index of 100 leading shares is down at 6187 at mid-morning, dragged down by falls in the prices of technology and telecoms stocks.
The index has dropped by 19.1 points after falls on both the Dow Jones Industrial Average and the technology-dominated Nasdaq in New York hit share prices on this side of the Atlantic.
Following yesterday's cut in interest rates by the Bank of England and one of the busiest corporate reporting days of the year so far, trading on the London Stock Exchange today is relatively subdued.
The biggest Footsie faller is software firm Autonomy, which is off nearly 10% or 184p at £17.49 amid unconfirmed rumours that it could be looking at the possibility of a rights issue to reduce its debt.
Others under pressure include chip designer Arm, off 7p at 460p; software firm Misys, down 11p at 612p; electronics group Marconi, 8p lighter at 607p; telecoms equipment group Spirent, off 9p at 505p; and computer services group Logica, down 21p at £15.89.
Among the telecoms, BT is off 31p at 589p. Its quarterly figures yesterday failed to lift its fortunes on the markets and news today that might consider an emergency share issue to reduce its debt if other options fail is also worrying the markets.
Meanwhile, Vodafone is down 4.75p at 221.25p; Telewest Communications is down 6p at 141.25p; and Cable & Wireless is off 2.50p at 810.50p.
But petroleum stocks are making headway following Shell's record figures yesterday and ahead of results next week from BP Amoco. Shell is up 13.50p at 597.50p, while BP Amoco has moved ahead 9p at 608p.
Utilities are the flavour of the day after British Gas owner Centrica's announced it is to raise its gas bills.
Centrica shares have lifted by 3% or 7p to 242p, while Lattice - the former Transco business of British Gas - is up 5p at 136.50p.
