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FTSE 100 falls, with Wolseley hit by weaker revenue outlook FTSE 100 falls, with Wolseley hit by weaker revenue outlook
(about 4 hours later)
(Noon): The London market was trading lower, with shares in plumbing supplies firm Wolseley down sharply after it cut its revenue growth forecast. (Close): The London market closed lower but recovered initial sharp falls helped by mining stocks.
The company said underlying revenues for the six months to the end of January were set to grow by 4%, down from an earlier estimate of 6%. Mining group Glencore shares were the biggest gainer on the FTSE 100 index, up 16% , after a 30% fall on Monday.
Shares in Wolseley were down 11.8% by midday, with the FTSE 100 falling 23.27 points to 5,935.59. Glencore said it was "financially robust' and several analysts said the sell-off was overdone.
Shares in Glencore staged a slight recovery, rising 4%. Other commodity companies such as Antofagasta (up 2.2%) and Tullow Oil (up 5.7%) rose in the wake of Glencore's share price rise.
On Monday, the mining company's shares had dived 30% after a note from Investec said almost all its equity value could be "eliminated" if commodity prices stay low. The FTSE 100 of 100 leading shares fell 49.62 points to 5,909.24, a fall of 0.83%. The broader based FTSE 250 index fell more than 1%, or 171.67 points, to 16,442.49.
However, on Tuesday, other analysts said the sell-off in Glencore may have been overdone. The brewer SABMiller jumped almost 1.8% a few minutes before the end of trade on renewed speculation that Anheuser-Busch InBev's bid for the company could be revealed in the next few days.
Among the smaller companies, shares in menswear retailer Moss Bros rose 6% after it said half-year profits rose 44% to £2.8m. Plumbing supplies group Wolseley fell 12.52% after the company cut its revenue growth forecast from 6% down to 4%.
On the currency markets, the pound rose 0.05% against the dollar to $1.5181, but fell 0.22% against the euro to €1.3467. On the currency markets, the pound fell 0.07% against the dollar to $1.5164, and 0.13% against the euro to €1.3479.