Footsie slides after more bad news from US and Japan
A wave of further bad news from the US and Japan overnight has led to falls in technology stocks on the London Stock Exchange.
American software group Oracle issued a terse profit warning, blaming the slowdown in the US economy for deteriorating demand. Meanwhile Fujitsu shocked Japanese investors by saying its pre-tax profits for the full-year would come in some way below market expectations.
The news is weighing heavily on tech stocks in London, pushing down the Footsie index of 100 leading stocks by 15.9 points. After an hour's trading, the index stands at 5892.7.
Although above its 5882.2 low point of the session so far, analysts warn it could be another long day for the Footsie.
Computer services group Logica is leading the fall among the new economy stocks, dropping by close to 4% or 51p to £13.
Other software fallers include Sage, down 10p at 280p; and hand-held computer group Psion, which saw £152 million wiped off its market value after issuing its annual results yesterday, is down a further 2¼p at 112¾p.
Among the telecoms stocks, Energis is down 8p at 420p; while Colt Telecom has shed 16p at £11.70.
Mobile phone giant Vodafone is down 3½p at 180p; and FTSE-250 firm Intec Telecom Systems is off 9p at 332½p.
In a day of little corporate activity, aero-engine maker Rolls-Royce leads the Footsie risers, with its shares up by 6% after it reported full-year figures bang in line with the City's expectations.
Aerospace and defence group BAE Systems is up 10p at 320p after stockbroker Credit Lyonnais upgraded its 12-month target to 379p .
