Logica shares on the turn

NEWS Logica shares fell by 3.5 per cent after the company's major client J-Phone announced it will halve its capital spending this year. The computer services group's shares fell to 641p by 10:20 (GMT) this morning, heading towards a three-month low of 600p - a figure which the company fell to in late December. J-Phone, a wireless firm operated by Japan Telecom, said it will reduce its capital spending to Y300bn (£1.5bn) this year - half the amount spent in 2001. Credit Suisse First Boston said it believes J-Phone to be Logica's largest client, representing nearly 70 per cent of Logica Mobile Networks' Japanese revenue.