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FTSE 100 rises but Meggitt shares dive on profit warning FTSE 100 rises but Meggitt shares dive on profit warning
(about 3 hours later)
(Open): Shares in engineering firm Meggitt plunged 20% after it issued a profit warning. (Noon): Shares in engineering firm Meggitt plunged nearly 20% after it issued a profit warning.
The firms said trading saw a "marked deterioration" last month, and in the third quarter military sales fell 2% while energy sales dropped 16%. The firm said trading saw a "marked deterioration" last month, and in the third quarter military sales fell 2% while energy sales dropped 16%.
Meggitt said full-year underlying operating profit was set to be "meaningfully below" consensus forecasts of £369m.Meggitt said full-year underlying operating profit was set to be "meaningfully below" consensus forecasts of £369m.
Despite the fall, the FTSE 100 was up 13.65 points at 6,378.92. However, the FTSE 100 index was up 25.58 points at 6,390.85.
BT Group shares rose 4.6% after the competition regulator gave provisional clearance to its takeover of mobile phone operator EE. BT Group was the top riser in the index, climbing 3.2% after the competition regulator gave provisional clearance to its takeover of mobile phone operator EE.
Shares in Lloyds Banking Group dropped 4.2%. While the bank reported a rise in third quarter pre-tax profits, underlying profits fell and the bank took another £500m provision to cover PPI mis-selling costs. Shares in Lloyds Banking Group dropped 4.6%. While the bank reported a rise in third quarter pre-tax profits, underlying profits fell and the bank took another £500m provision to cover PPI mis-selling costs.
Shares in Next dropped 1%, even though the clothing retailer raised its full-year sales and profit forecasts slightly. Shares in Next slipped 0.5%, even though the clothing retailer raised its full-year sales and profit forecasts slightly.
Next is now predicting pre-tax profits of between £810m and £845m, compared with its previous forecast of £805m-£845m.Next is now predicting pre-tax profits of between £810m and £845m, compared with its previous forecast of £805m-£845m.
Sales growth is now forecast to be between 4% and 6%, against an earlier estimate of 3.5%-6%.Sales growth is now forecast to be between 4% and 6%, against an earlier estimate of 3.5%-6%.
On the currency markets, the pound dipped 0.03% against the dollar at $1.5302 but edged 0.04% higher against the euro to €1.3858. Shares in Trinity Mirror rose 8% after the newspaper publisher said it had agreed to buy Local World in a £220m deal. The purchase will make the company the UK's largest regional news publisher.
On the currency markets, the pound fell 0.16% against the dollar to $1.5280 and dropped 0.27% higher against the euro to €1.3815.