28/08/2001

London FTSE dips on news of weak US consumer data

The London stock exchange’s FTSE 100 share index took a dive on Tuesday afternoon as the market reacted to news that US consumer confidence data was weaker than analysts expected.

The US data revealed that consumer confidence was at a four-month low.

A slight recovery in telecommunications and tech stocks was offset by reduced share prices for banks, but software shares showed signs of growing pressure ahead of concern about interim results from CMG. Market analysts are braced for news that CMG may be about to announce that half-year profit has nose-dived by up to 25 per cent, as mobile text messaging growth slows.

CMG stock was sitting down 10 per cent at around 217 pence a long way from its early 2000 high of £17.

Shares in CMG’s UK competitor Logica also shed around seven per cent to 688 pence by mid afternoon.

However, by late afternoon the FTSE 100 was showing signs of rallying slightly from a mid-afternoon low of just under 5442 points (SP)

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