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FTSE 100 higher but Pearson hit by earnings guidance FTSE 100 higher but Pearson hit by earnings guidance
(about 5 hours later)
(Noon): Shares in education publishing group Pearson dived 16% after it warned that its full-year earnings would be at the low end of expectations. (Close): Shares in education publishing group Pearson dived 16% after it warned that its full-year earnings would be at the low end of expectations.
Pearson blamed lower enrolments at some US colleges and a drop in school textbook purchases in South Africa. Pearson blamed lower enrolments at some US colleges and a drop in school textbook purchases in South Africa.
The FTSE 100 opened lower but then recovered to stand 33.30 points higher at 6,378.43. The FTSE 100 opened lower, but then recovered to close 3.29 points or 0.05% higher at 6,348.42.
Shares in chip designer Arm Holdings rose 7.7% after it reported a 27% rise in third-quarter profits to £128.4m. Shares in chip designer ARM Holdings rose 6.5% after it reported a 27% rise in third-quarter profits to £128.4m.
The firm - whose designs can be found in iPhones, tablets and many consumer electronic goods - added that full-year revenues were set to hit market forecasts.The firm - whose designs can be found in iPhones, tablets and many consumer electronic goods - added that full-year revenues were set to hit market forecasts.
Shares in Sky were also among the top risers, climbing 3.3% after the satellite broadcaster reported another strong increase in subscriber numbers. Shares in Sky were also among the top risers, climbing 2.5% after the satellite broadcaster reported another strong increase in subscriber numbers.
In the three months to the end of September, it added 77,000 customers in the UK and Ireland - its best performance for four years.In the three months to the end of September, it added 77,000 customers in the UK and Ireland - its best performance for four years.
Merlin Entertainments rose 4.6% after the company announced it would open a Legoland amusement park in Shanghai after signing an agreement with China Media Capital. Merlin Entertainments rose 4.7% after the company announced it would open a Legoland amusement park in Shanghai after signing an agreement with China Media Capital.
The deal is being announced as part of the state visit to the UK of Chinese President Xi Jinping.The deal is being announced as part of the state visit to the UK of Chinese President Xi Jinping.
In the FTSE 250, shares in Home Retail Group sank 16% after it issued a profit warning. The firm - which owns Argos and Homebase - said uncertainty over the impact of Black Friday and investment in the Argos delivery service meant full-year profits would be slightly below forecast. In the FTSE 250, shares in Home Retail Group sank 15.8% after it issued a profit warning. The firm - which owns Argos and Homebase - said uncertainty over the impact of Black Friday and investment in the Argos delivery service meant full-year profits would be slightly below forecast.
On the currency markets, the pound rose 0.05% against the dollar to $1.5452 but slipped 0.07% against the euro to €1.3605. On the currency markets, the pound rose 0.14% against the dollar to $1.5467 and gained 0.15% against the euro to €1.3635.