US speech fails to restore FTSE confidence
The FTSE-100 has ended marginally lower with an eagerly awaited speech from America's leading banker Alan Greenspan failing to provide a confidence boost.
After hitting a high of 6296.9, the Footsie fell back to close at 6255.6, down 8.8 points.
Mr Greenspan, the chairman of the Federal Reserve, provided critical support for President Bush's plan for a massive tax cut.
But he failed to throw the markets any scraps on his future plans for interest rates, following the surprise cut in January.
The news sent US markets in opposite directions, with the Dow Jones Industrial Average making strong gains but the technology-dominated Nasdaq remaining sharply lower.
Techs, telecom and media (TMT) stocks on this side of the Atlantic have followed the Nasdaq's lead.
Software group Autonomy is the heaviest faller, losing its gains on Wednesday to close the session down by more than 5%, or 135p, at £22.80.
Marconi has been another loser, as it continues to suffer from the fall-out of US telecom equipment firm Lucent's restructuring statement on Wednesday. Marconi has dropped by 36.50p to close at 708.50p, and telecom stocks have been dragged down in its wake.
Colt Telecom has lost 49p, to fall to £18.34, while telecoms equipment firm Spirent has fallen 10p to 580p.
BT has closed the session off 16p at 679p while Cable & Wireless has shed 22p, to end on 886p.
The media sector has had a poor time, with Carlton Communications down by near to 5%, off 25p at 525p and Granada Media falling 15p to 380p. But software firm Misys bucked the TMT weakness, its shares jumping 6% - up 42.50p at 659p - after it showed a lift in operating profits and gave upbeat comments on future trading.
