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17/08/2001
Technology share rebound fails to materialise
Share traders who had hoped to see technology and telecommunications shares recover after a poor week’s trading on the FTSE100 have been disappointed.
Trading in tech and telecoms shares failed to firm up as a nervous market looked elsewhere for returns. By mid-afternoon on Friday the FTSE100 was down for the third day in succession as sitting investors were left nursing hefty losses.
The Dow Jones reacted badly to news that the US trade deficit for June had widened to $29.4 billion more than had been expected even on the revised figure of $28.5 billion. The Dow Jones sank 100 points and the NASDAQ lost more than 50 points at the news of poor US export and import figures that revealed levels were at their lowest since February 2000.
On the London FTSE it had looked as though tech and telecoms had bottomed out as the FTSE moved closer toward 5350, but this did not happen and such hopes of a rebound proved unfounded in what has been a bad week for shares.
Marconi was one of the few companies in the sector to show signs of improvement as shares gained slightly before dropping again.
(SP)
Trading in tech and telecoms shares failed to firm up as a nervous market looked elsewhere for returns. By mid-afternoon on Friday the FTSE100 was down for the third day in succession as sitting investors were left nursing hefty losses.
The Dow Jones reacted badly to news that the US trade deficit for June had widened to $29.4 billion more than had been expected even on the revised figure of $28.5 billion. The Dow Jones sank 100 points and the NASDAQ lost more than 50 points at the news of poor US export and import figures that revealed levels were at their lowest since February 2000.
On the London FTSE it had looked as though tech and telecoms had bottomed out as the FTSE moved closer toward 5350, but this did not happen and such hopes of a rebound proved unfounded in what has been a bad week for shares.
Marconi was one of the few companies in the sector to show signs of improvement as shares gained slightly before dropping again.
(SP)
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