FTSE unscathed despite battering
The FTSE-100 Index has emerged unscathed despite another battering for beleaguered tech and telecom stocks.
A positive opening in the US helped lift spirits in London and sent the market into positive territory after earlier losses.
The Footsie closed ahead, up 19.2 points at 5699.6.
However, it had been a different story for much of the session as the blue-chip index plummeted more than 50 points on gloomy new economy news.
A profit warning from German chipmaker Infineon Technologies and a downbeat trading statement from US telecom equipment maker Tellab dented confidence.
Major casualties who remained in negative territory included telecom equipment maker Marconi, which has already had a bad week after brokers downgraded forecasts for the company.
Marconi closed down 15p to 251p, while fellow equipment firm Spirent dived 17p to 173p and Energis shed 6½p to 197p.
Among the telecoms, BT was down 13p at 422½p and Telewest Communications fell 4½p at 92½p, although mobile phone giant Vodafone rallied to close up half a penny at 162p after a session in which 350 million shares changed hands.
Colt Telecom led the Footsie fallers board, diving 9%, or 50p, to 500p.
Chip designer Arm was particularly badly hit by the Infineon warning, and slid 7% - off 17½p at 244p.
