British software company Logica was among the FTSE 100's top losers today as concerns over a slowdown in IT spending grew and Friday's poor close on the US tech-heavy Nasdaq bit into the share price.
Analysts said long-term prospects for the company were bullish but nervousness over the US economy and the slew of poor results from technology stalwarts was shaking confidence.
"Long term this is most definitely a buy. It is a company with good breadth and spread . . . and gets picked up by fund managers on the lows as a flight to quality," saidsenior software analyst at Teather & Greenwood Mr Guy Feld.
Other software stocks also heading into the red were CMG (down 2 per cent), Dimension Data off 3.4 per cent and business software group Misys down nearly 6 per cent with over 11 million shares changing hands.