Leading UK shares lost ground today, breaking a three-day winning streak after a weak Wall Street close and gloomy data on British economic and consumer confidence.
The FTSE 100 index was down 21.2 points by 8.43 Irish time to 4,674.9 points, popping up from an early low of 4,664.7 but still giving back much of yesterday's 33-point rise.
Midcap-250 education software company RM Plc RM.L was the main early market feature, dropping 39 per cent to 217-1/2 pence after saying it expected full-year pre-tax profit would be below market expectations amid a fall-off in orders.
Traders said another set of US corporate warnings on profit prospects was likely to weigh on a market resigning itself to the prospect of world recession and worrying about the US response to the terrorist attacks.
"We expect a fairly quiet day after three days of rises. Things are definitely quietening down and it's a matter of people taking their money out of the market because they've been burnt," said Mr David Trew, director of derivatives at online brokerage deal4free.com.
"It's been pretty quiet overnight, quieter than it has been over the last couple of weeks so maybe we sense things are beginning to quieten down a bit after the September 11th attacks," a financial bookmakers trader said.