By Joey Gardiner, 11 July 2001 10:57
NEWS European bourses opened down this morning as the markets take stock of yet more bad news, this time from PC maker Compaq and UK handheld computer maker Psion. The FTSE 100 was 47 points down (0.9 per cent) and the TechMark index was down even more, falling 1.9 per cent by 9.00am. Frankfurt's Neuer Markt was hit even harder dropping 3 per cent amidst the tech gloom. Firms all across the tech sector were hit by today's falls - seven of the FTSE 100's ten biggest fallers were techs, including software group Sage, chipmaker ARM, systems integrators CMG, and telco provider Marconi. Psion itself, which this morning announced wide-ranging restructuring and job cuts, fell 16 per cent in the first half an hour of trading. Vodafone, the FTSE's largest stock, was also down, falling 1.1 per cent. The falls ride on the back of another tough day in the US yesterday, with the Nasdaq falling 63.9 points to close at 1,963 points, 3.2 per cent down.
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