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WPP leads FTSE 100 lower after trading update | |
(about 3 hours later) | |
(Noon): WPP led the London market lower as investors digested the advertising giant's latest trading update. | |
The FTSE 100 was down 10.63 points at 6,433.45, with WPP shares dropping 2.2% despite the company saying it was on track to hit its full-year targets. | |
Like-for-like net sales grew by 3.3% in the third quarter, up from 2.3% in the first half of the year. Its full-year target is growth above 3%. | Like-for-like net sales grew by 3.3% in the third quarter, up from 2.3% in the first half of the year. Its full-year target is growth above 3%. |
However, analysts said the results were slightly disappointing. | |
In the FTSE 250, shares in TalkTalk fell a further 9% as investors continued to shun the telecoms company in the wake of last week's cyber-attack. | |
At the weekend, TalkTalk chief executive Dido Harding said the attack was "smaller" than originally thought, but customers' bank account and sort code details may have been accessed. | |
Shares in Aberdeen Asset Management rose 3.6% following a report in the Financial Times that the company could be up for sale. | |
The FT said that Aberdeen's chief executive, Martin Gilbert, had begun to seek possible buyers of the business. | The FT said that Aberdeen's chief executive, Martin Gilbert, had begun to seek possible buyers of the business. |
However, in a statement issued to the Reuters news agency, the company denied the reports. | However, in a statement issued to the Reuters news agency, the company denied the reports. |
"In his 32 years running Aberdeen, Martin Gilbert has never approached anyone, formally or informally, about buying the business," the statement said. | "In his 32 years running Aberdeen, Martin Gilbert has never approached anyone, formally or informally, about buying the business," the statement said. |
On the currency markets, the pound rose 0.2% against the dollar to $1.5344, and was up 0.07% against the euro at €1.3912. | |