Technology stocks down on interest rate rise fears

Gartmore has cut its exposure to technology stocks in its smaller companies fund on the back of the ...

Gartmore has cut its exposure to technology stocks in its smaller companies fund on the back of the recent underperformance in this sector. Despite many technology companies delivering earnings above expectations some areas of the sector have seen a severe slowdown in share price growth in the year to date compared with runaway growth seen particularly in internet stocks last year. Of the 127 internet-related new company issues this year, only 19 are currently trading at a level above their first-day close. Gartmore has more than halved exposure to the US technology sector in recent weeks...