Rising interest rates, more volatile stock markets and a view that the economy will slow down by the end of the year are combining to make investors more cautious about taking on new stock issues, especially in the riskier corners of the technology and biotech sectors, according to analysts.
Elsewhere in the sector, British Telcom shrugged off recent profit-taking pressures to end the day up 3% as some investors opted for the relative security of the stock amid the Vodafone uncertainties.