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New York gains fail to calm London nerves

London markets opened nervously this morning, with the FTSE 100 index and the TechMARK both down marginally on early trading, despite gains on New York exchanges on Tuesday.

By Joey Gardiner

Published: 31 January 2001 09:45 GMT

By 9:00 (GMT) the FTSE 100 was down seven points, and the TechMARK index of technology stocks was down 0.5 per cent to 2,777 points. The tech drop was led by handheld manufacturer Psion, consultancy Sema Group and Scottish Telco Thus. Psion's four per cent fall this morning comes on the back of a week which has seen it lose a quarter of its value after its alliance with Motorola fell through.

The tech falls come despite good news from chipmaker ARM, which posted losses this morning beating analysts' expectations.

The nervousness follows a quiet day for tech stocks in the US yesterday, which saw the Nasdaq gain just 0.01 point.

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