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FTSE 100 lower as Travis Perkins hit by profit warning FTSE 100 edges higher after chancellor reassures
(about 5 hours later)
The FTSE 100 slipped back below the 7,000 level, with shares in Travis Perkins the biggest faller after the builders merchant warned on profits. The FTSE 100 managed to end the day higher after reversing earlier losses.
Travis Perkins shares dropped 6.7% after it said it was closing 30 branches, putting 600 jobs at risk, due to an "uncertain UK outlook" next year. The blue-chip index closed 0.3% higher at 7,021.92 after chancellor Philip Hammond suggested firms would not be restricted from recruiting highly skilled workers post-Brexit.
British design house Burberry was the biggest riser, jumping over 4%, a day after it said that the weak pound would help boost its profits.
Travis Perkins was the biggest faller after warning on profits.
The builder's merchants shares closed down 4.4% after it said it was closing 30 branches, putting 600 jobs at risk, due to an "uncertain UK outlook" next year.
It also said core earnings for this year would be "slightly below" expectations of about £415m.It also said core earnings for this year would be "slightly below" expectations of about £415m.
By midday, the FTSE 100 index was down 14.11 points at 6,985.95. Reckitt Benckiser was another faller in the index, losing 2.6% after its sales growth slowed by more than expected in the third quarter of the year.
Reckitt Benckiser was another faller in the index, down 2.6% after its sales growth slowed by more than expected in the third quarter of the year.
Underlying sales grew by 2%, down from 4% in the previous quarter and below analysts' estimates of 2.8%.Underlying sales grew by 2%, down from 4% in the previous quarter and below analysts' estimates of 2.8%.
In the FTSE 250, shares in Laird - an electronics component maker that supplies mobile phone manufacturers - plunged 45% after the company warned on profits. In the FTSE 250, shares in Laird - an electronics component maker that supplies mobile phone manufacturers - plunged 49% after the company warned on profits.
Laird said that "the acceleration of production for mobile devices has come much later than in previous cycles and visibility on volumes remains poor".Laird said that "the acceleration of production for mobile devices has come much later than in previous cycles and visibility on volumes remains poor".
"In addition, we have experienced increased margin pressure due to unprecedented pricing pressures and some operational factors.""In addition, we have experienced increased margin pressure due to unprecedented pricing pressures and some operational factors."
As a result, it now expects full-year profits of about £50m, compared with £73,1m last year.As a result, it now expects full-year profits of about £50m, compared with £73,1m last year.
On the currency markets, after falling in early trade the pound was given a slight boost by the latest jobs figures, which showed the unemployment rate unchanged despite a slight increase in the jobless total. On the currency markets, the pound slipped despite the latest jobs figures, which showed the unemployment rate unchanged though the jobless total increased.
By midday, sterling was unchanged against the dollar at $1.2300 and was also flat against the euro at €1.1198. Sterling slipped 0.2% against the dollar at $1.22740 and was also 0.12% lower against the euro at €1.1186.