Big gains on the stock market last week started to fall away this week with a heavy drop in the FTSE 100 index on Monday.
London took its cue from Wall Street, where weak trading added to negative sentiment. After a week of strong improvements dealers were also prepared to take profits.
Engineering shares were not immune to the downward trend and the sector index dropped 20.8 to 2143.1 on Monday.
Tomkins led the fallers after warning that growth was unlikely to be at previous years’ levels. After analysts cut pre-tax profit forecasts, Tomkins lost 5% to 228.5p.
Bearing distributor Bearing Power International announced that a takeover by Mining and Allied Investments was nearly a done deal and saw shares move up 2p to 17.5p. Hall Engineering was up 5p at 90p, Smiths Industries rose 11p to 865p and Laird was up 11.5p at 173.5p. However, McKechnie fell 6p to 376p, British Aerospace was 6p lower at 502.5p and GKN was 6p weaker at 769p.
Charter shares were up 13p at 350p amid rumours of a bid in the offing the stock has come down from a 12-month high of 780p.
Shares in Siebe and BTR were stable ahead of Wednesday’s shareholder meetings BTR was down 0.75p at 117.25p, while Siebe was 1.75p lower at 221.25p.
Gainers included Wagon Industrial, up 7.5p at 260.5p, BWI, up 5.5p at 73p and 600 Group, up 5p at 61p.