* Vodafone falls 4.2 pct to take most points off FTSE
* M&S falls after warning of website issues
* FTSE 100 down 0.4 pct
By Sudip Kar-Gupta
LONDON, May 20 Sell-offs in mobile operator
Vodafone and retailer Marks & Spencer dragged
down Britain's blue-chip equity index on Tuesday, after both
groups unveiled disappointing forecasts.
In mid-session trading, the benchmark FTSE 100 index
was down by 0.4 percent or 27.90 points at 6,816.65 points.
Vodafone took the most points off the FTSE, falling 4.2
percent after the company said core earnings would fall in 2015
due to investment spending needed for its business. Analysts at
Societe Generale said the company's results were lacklustre.
Clothing and food retailer Marks & Spencer also fell 3
percent after it warned that a new website would take four to
six months to "settle in", affecting the performance of its
general merchandise business in the three months to end-June.
The FTSE 100, which is up by around 1 percent since the
start of 2014, hit its highest level in more than 14 years last
week but has since slipped back.
"We're stalling up at these levels. I see a bit of a
consolidation and then maybe the FTSE starting to drift lower
over the next couple of weeks," said Hantec Markets analyst
But Manoj Ladwa, head of trading at TJM Partners, saw
positive support for the FTSE from the fact that it had held
above the 6,800 point level, and expected the index to head
towards 6,900 points.
"The FTSE is not showing signs of a sell-off from here," he
(Additional reporting by Francesco Canepa; Editing by Catherine