FTSE test 4,000 barrier
The FTSE 100 Index was testing the 4,000 barrier again today as London investors showed nerves ahead of two important economic releases.
Figures for manufacturing activity in the UK and unemployment in the United States are due to be released later in the session and could dictate progress.
But in the meantime, London shares lacked confidence and the Footsie was down 37.8 points at 4001.9 in the first hour of trading.
Heavyweight telecom stocks were helping to drive the market lower, with Vodafone off 2p at 100.75p, Cable & Wireless down 1.5p at 146.5p and mmO2 off 0.75p at 47.25p.
The mood in the sector was not helped by a report suggesting that BT Group will review ambitious revenue growth targets when it issues second quarter results next Thursday. BT eased 1.75p to 179.75p.
Other fallers included Shire Pharmaceuticals after it was reported that the shock departure of chief executive Rolf Stahel could have been triggered by non-executive directors’ desire to push through a major US acquisition.
Shares in Shire were off 25p, or 4%, at 490p.
On the upside, logistics group Hays showed tentative signs of recovery after falling heavily yesterday in the wake of a profits warning. Shares rose 2.75p to 92.5p.
