December 14, 2001	Friday	Ramazan 28, 1422

LONDON, Dec 13: Britain’s FTSE 100 hit a six-week closing low on Thursday as weak US retail sales data and a trading update from software firm Logica frustrated a market anxious for signs of economic recovery.

The FTSE 100 extended its losing run to five consecutive sessions, closing down 45.1 points or 0.9 per cent down at 5,074.9, its lowest close since the beginning of November. The index touched an intraday low of 5,035.8.

“We’ve had these very weak American retail sales numbers. The market only needs a glimmer of good news to go up but we’re just not getting any at all,” said Andrew Hobson, fund manager at Exeter Asset Management.

US November retail sales fell by a bigger than expected 3.7 per cent, hitting Wall Street which also ran lower after a revenue warning from optical networking company Ciena Corp. The Dow Jones industrial average was showing a 61 point loss by the 1630 GMT London close.

Technology and telecoms firms took a combined 21 points off the FTSE index.

Logica closed down 15.1 per cent at 705 pence after telling of slow UK computer service sales and falling revenues in telecoms. The update, interpreted by some as a profit warning, hurt the techs, knocking Vodafone down two per cent and chip designer ARM Holdings 0.4 per cent to 325p.

Pay TV operator BSkyB depressed the market in early business on news that Vivendi Universal was cutting its 22 per cent stake, placing rights to an eight per cent stake in the company worth 1.07 billion pounds. The shares closed 6.7 per cent lower at 746p.

Retailers were heavily represented on the FTSE 100 leaderboard after strong UK retail sales numbers, with Tesco up 2.8 per cent to 235-1/2p and Boots 2.4 per cent firmer.

British Airways fell 6.5 per cent as investors wondered how it would pay for a stake in LOT after Poland said the UK firm and Germany’s Lufthansa were interested in buying Swissair’s stake in the Polish carrier.—Reuters