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FTSE 100 tracks falls in US and Asia FTSE 100 falls as Sports Direct shares slump
(about 4 hours later)
(Open): The main UK share index opened lower, tracking losses seen in US and Asian markets overnight. (Noon): Sports Direct shares dived 12% after the retailer's half-year results fell short of expectations.
The FTSE 100 index was down 28.55 points at 6,098.13. Old Mutual was the biggest faller on the index, down 6%, after RBC cut its rating on the stock. Revenues of £1.43bn for the six months to 25 October and underlying earnings of £218.5m were below analysts' forecasts, making the stock the worst performer in the FTSE 100.
Sports Direct shares were down 5%, despite the retailer reporting an increase in half-year profits. The index was down 31.96 points at 6,094.72 shortly after midday.
Top riser in the FTSE 100 was mining giant Glencore, which climbed 4.8% after it raised debt reduction plans. Shares in financial services group Old Mutual, which has interests in South Africa, sank 10%.
South African's President, Jacob Zuma, sacked Finance Minister Nhalnhla Nene late on Wednesday, and South Africa's currency fell close to a record low against the dollar in reaction.
Shares in mining giant Glencore jumped 12% after it announced plans to speed up the rate at which it cuts its debts.
The company now aims to cut its debts to $18bn-$19bn (£11.8bn-£12.5bn) by the end of 2016, down from a previous target of "low $20s billion".The company now aims to cut its debts to $18bn-$19bn (£11.8bn-£12.5bn) by the end of 2016, down from a previous target of "low $20s billion".
British Gas owner Centrica rose 3.2% after the energy firm said it was on track to meet expectations for full-year earnings. British Gas owner Centrica rose 2.8% after the energy firm said it was on track to meet expectations for full-year earnings.
Investors welcomed full-year results from holiday group Tui, sending their shares up 2.7%. The company - which owns the Thomson and First Choice - reported a 23% jump in full-year underlying earnings to €1.07bn (£775m). Investors welcomed full-year results from holiday group Tui, sending their shares up 4.6%. The company - which owns the Thomson and First Choice - reported a 23% jump in full-year underlying earnings to €1.07bn (£775m) and gave an upbeat outlook for the coming year.
On the currency markets, the pound slipped 0.1% against the dollar to $1.5171, but rose 0.3% against the euro to €1.3810. On the currency markets, the pound slipped 0.1% against the dollar to $1.5164, but was up by one cent, or 0.7%, against the euro at €1.3866.