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Wolseley leads FTSE 100 lower Miners lead FTSE 100 lower
(about 5 hours later)
(Noon): Shares in plumbing supplies firm Wolseley led the FTSE 100 lower after it posted disappointing results. (Close): Miners led the FTSE 100 lower on Tuesday as commodity prices slid, with Anglo American falling 4.7% and Glencore down 4.2%.
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. "Metals and miners continue to face strong headwinds as the Chinese economy continues to show no signs of stability," said one trader.
Shares in Wolseley fell 4.9%, and the FTSE 100 index was down 25.45 points at 6,269.71. Plumbing supplies firm Wolseley said UK trading profits fell 21% in the three months to October.
Anglo American fell 4.8% and other mining shares were lower after metals prices dropped. Shares ended down 4.6%, and the FTSE 100 index fell 0.3% to 6,275.28 points.
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. Tesco shares closed down 1.85%. 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.
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. Credit data provider Experian was the top riser, adding 7.5% after it increased the half-year dividend and extended a share buyback by $200m.
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. Shares in Vodafone climbed 3.9% after it said revenue growth had picked up in the second quarter.
Shares in Vodafone climbed 4.5% after it said revenue growth had picked up in the second quarter. The mobile operator 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 a better than expected 1.2%.
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. Hornby warning
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. The latest update from ITV helped push its shares up 1.3%, making it among the day's top risers. The broadcaster 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. Among the smaller companies, shares in model train maker Hornby closed 3.1% lower 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". The company said a restructuring of its European supply chain meant that both revenue and profit for this financial year would be lower than market expectations, "but will recover next year". Hornby 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. Kaz Minerals was the biggest faller on the FTSE 250, tumbling almost 15%, with power station operator Drax shedding 8.3%.
On the currency markets, the pound slipped 0.07% against the dollar to $1.5105, but rose 0.5% against the euro to €1.4131.