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FTSE 100 lower as mining shares fall Wolseley leads FTSE 100 lower
(about 2 hours later)
(Morning): The FTSE 100 fell after a decline in mining shares offset the impact of a bunch of upbeat results. (Noon): Shares in plumbing supplies firm Wolseley led the FTSE 100 lower after it posted disappointing results.
After rising at first, the FTSE 100 index fell 21.17 points to 6,273.99. Wolseley said UK trading profits fell 21% in the three months to October, and revenue growth in its US industrial business was lower than expected.
Anglo American was down 5.4% and other mining shares were lower after metals prices dropped, with copper near a six-year low. Shares in Wolseley fell 4.9%, and the FTSE 100 index was down 25.45 points at 6,269.71.
Shares in credit data company Experian rose 6.5% after the company said it was increasing its half-year dividend and extending a share buyback by $200m. Anglo American fell 4.8% and other mining shares were lower after metals prices dropped.
National Grid shares rose 2.2% after it said it would sell a majority stake in its gas distribution business and posted a 15% rise in half-year profits. Tesco shares were down nearly 3%. On Monday, the supermarket's chief executive Dave Lewis warned that retailers face a "lethal cocktail" of taxes and costs at a time of slumping profits.
Shares in Vodafone climbed 4.4% after it said revenue growth had picked up in the second quarter. Among the risers, shares in credit data company Experian climbed 5.9% after it said it was increasing its half-year dividend and extending a share buyback by $200m.
The latest update from broadcaster ITV helped to push its shares up 0.9%. It reported a 13% rise in revenues for the nine months to the end of September, helped by strong advertising sales during the Rugby World Cup. National Grid shares rose 2.2% after the company said it would sell a majority stake in its gas distribution business and posted a 15% rise in half-year profits.
On the currency markets, the pound slipped 0.1% against the dollar to $1.5101, and was flat against the euro at €1.4059. Shares in Vodafone climbed 4.5% after it said revenue growth had picked up in the second quarter.
The mobile network said core earnings had edged up 1.9% to £5.79bn in the six months to the end of September, while underlying service revenues in the second quarter rose by 1.2%, which was ahead of expectations.
The latest update from broadcaster ITV helped to push its shares up 1.3%. It reported a 13% rise in revenues for the nine months to the end of September, helped by strong advertising sales during the Rugby World Cup.
Among the smaller companies, shares in model train maker Hornby fell 5.9% after it issued a profit warning.
The company said a restructuring of its European supply chain meant "the revenue and profit for the current financial year will be lower than market expectations but will recover next year". It also added that trading in the UK had been "encouraging".
On the currency markets, the pound slipped 0.06% against the dollar to $1.5107, abut rose 0.18% against the euro to €1.4088.