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Monday, January 4, 1999 Published at 10:20 GMT
Business: The Markets
London market report
![[ image: ]](/olmedia/100000/images/_101525_ukre150.gif) |
Traders also said many large institutions were watching the progress of the new euro currency and were reluctant to buy.
At 1000 GMT, the benchmark FTSE 100 index had recovered slightly and was down 47 points to 5,822, after earlier dropping 1%.
However, trading volumes were described as "extremely thin", a situation which often sees market movements exaggerated.
ICI was down 13 pence to 508p after earlier falling 8% on news of a profits warning, the cutting of 1,000 jobs, and the collapse of a deal to sell its chemical business Tioxide to DuPont.
Analysts said the debt-laden group could ill-afford the failure of the £445m ($727.4m) sale.
BP Amoco shares were down 3.5 pence to 114p on the first day of trading of the newly merged oil giant, amid fears that it may have to cut thousands of jobs as the oil price continues to slide.
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