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Direct Line leads FTSE 100 downward Direct Line drags FTSE 100 down 1.6%
(about 5 hours later)
(Noon): London's leading shares dipped in Thursday morning trading, with insurance firm Direct Line leading the downward trend. (Close): London's leading shares closed almost 110 points lower on Thursday, with insurer Direct Line leading the slide with a 9% fall.
By lunchtime, the FTSE 100 was down 0.22% or 13.4 points at 6,132.92. Losses mounted in late trading to leave the FTSE 100 1.8% lower at 6,036.7 points.
Direct Line, which shed 6.66%, was one of several companies going ex-dividend. Others included Barclays and BHP Billiton, which also lost ground. Direct Line was one of several companies going ex-dividend, along with BHP Billiton, which fell 4.9%.
Supermarket chain Morrisons, which recently returned to the FTSE 100, was another big faller, sliding 2.7%. Supermarket chain Morrisons, which recently returned to the FTSE 100, was another big faller, shedding 4.5%.
The decline came after the retailer saw a further drop in annual profits as a result of the price war in the supermarket sector. The decline came after the retailer posted a further drop in annual profits as a result of the price war in the supermarket sector.
On the currency markets, the pound fell 0.06% against the dollar to $1.4209, but rose 0.15% against the euro to €1.2942. Shopping centre owner Intu Properties, a recent entrant to the FTSE, was the top riser, adding almost 1.5% to 299.8p.
The company, whose centres include Lakeside in Essex and the Trafford and Arndale centres in Manchester, is worth just over £4bn.
On the FTSE 250, estate agent Savills rose 5.2%, while OneSavingsBank was the biggest faller, losing 7.8%.
On the currency markets, the pound rose 0.6% against the dollar to $1.4301, but tumbled 0.9% against the euro to €1.2810.