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FTSE 100 lower as Rolls-Royce shares sink FTSE 100 lower as Rolls-Royce shares plunge
(about 3 hours later)
(Open): Shares in Rolls-Royce dived more than 17% after the aerospace company warned that "sharply weaker demand" would hit its profits. (Noon): Shares in Rolls-Royce dived more than 20% after the aerospace company warned that "sharply weaker demand" would hit its profits.
The company said this year's profits would be at the low end of forecasts, and next year's would be hit by "headwinds" of about £650m.The company said this year's profits would be at the low end of forecasts, and next year's would be hit by "headwinds" of about £650m.
Rolls also said it would put shareholder payments under review, suggesting it could cut its dividend. Rolls-Royce also said it would put shareholder payments under review, suggesting it could cut its dividend.
The FTSE 100 index was down 2.33 points at 6,294.87. By midday, the FTSE 100 index was down 30.63 points at 6,266.57.
Mining shares were also weighing on the index, after renewed worries over the strength of China's economy hit metals prices.
Glencore's share price fell 8.7%, dropping below the £1 mark, and among other mining companies Anglo American was down 6.6%.
BAE Systems rose 4.4%, despite the company announcing that it would cut up to 371 jobs as it slows production of its Typhoon fighter jets.
BAE added that Typhoon sales were expected to fall from about £1.3bn this year to £1.1bn in 2016.
Shares in Burberry rose 1.4% after the fashion house said third-quarter sales had picked up, with cost-cutting helping to lift underlying profits by 3%.Shares in Burberry rose 1.4% after the fashion house said third-quarter sales had picked up, with cost-cutting helping to lift underlying profits by 3%.
In the FTSE 250, Halfords shares dropped 8.7% after the cycling and car parts chain reported a 6.3% drop in half-year profits to £46.4m. In the FTSE 250, Halfords shares dropped 9.6% after the cycling and car parts chain reported a 6.3% drop in half-year profits to £46.4m.
The retailer blamed "disappointing" bike sales during the summer for the fall. It also said next year's profits were likely to be "broadly unchanged" from this year.The retailer blamed "disappointing" bike sales during the summer for the fall. It also said next year's profits were likely to be "broadly unchanged" from this year.
On the currency markets, the pound fell 0.2% against the dollar to $1.5177, but rose 0.15% against the euro to €1.4185. On the currency markets, the pound fell 0.2% against the dollar to $1.5179, and was flat against the euro at €1.4167.