/ 22 July 1999

IT SHARES PLUMMET

SHARES in information technology companies, once the darlings of the bourse, came under pressure on Wednesday following a hefty fall in technology shares in the United States overnight. By 10.45am, the IT index on the Johannesburg Stock Exchange was down 1,6% to 719,4 — hitting its lowest level this year to 710,0 earlier. Since its creation in a bourse revamp in March, the IT sector has fallen nearly 30%. In the same period, the All-Share index has risen by 9%. The US Nasdaq technology-laden index lost 3,5% overnight on big losses in heavyweights International Business Machines Corp, following cautious comments on its future results, and Hewlett-Packard.