Previous Article Next Article Spectacular fringe benefit of Millennium BugOn 11 Jan 2000 in Personnel Today • Last year, IT experts managed to convince us that computers would not beable to figure out that 2000 comes after 1999. Naïvely, many believed that theMillennium Bug could paralyse everything from wristwatches to nuclear powerstations. With hindsight, the war against the Y2K bug was an elaborate hoax butthankfully the next opportunity for IT people to pull the fast one is a longway off in the year 2999, and by then computers should be smart enough to fixthemselves. The good news is that many City professionals who sacrificed thefestive period to attend to the office computers got, among other fringebenefits, a bird’s eye view of the spectacular fireworks that illuminatedLondon’s skyline to welcome the new millennium. Stocks slump in telecoms and IT• But despite escaping the fangs of the fairy bug the London stock marketstarted 2000 sick as a parrot On the first three trading days of the new yearthe FTSE 100 fell 483 points, equivalent to a loss of about £100bn. Notsurprisingly, the telecoms and IT sectors were the hardest hit. The value ofstocks such as BT, Energis, Colt Telecom, ARM Holdings and Sage fell sharply.Interest rate fears give investors the jitters• Worries about a possible increase in interest rates appear to be the maincause of the dent in investor confidence Also, after last quarter’s spendingspree on Internet stocks and fireworks, many investors have started the newyear broke and couldn’t wait to get their hands on the profits they have madeso far. The London stock market is not alone. Other markets around the worldincluding the US are also suffering due to investors’ nervousness over interestrates.By Paul Audu, Investment Manager Comments are closed. Related posts:No related photos.