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SIG shares dive as chief steps down FTSE 100 slides as pound recovers
(about 5 hours later)
Shares in building materials firm SIG sank 20% as it warned on profits and its chief executive stepped down. The UK's benchmark share index dropped 1% while the pound reached its highest level for five weeks.
The FTSE 250 company said it had been affected by softer trading conditions in the UK and increased competition. By midday, the FTSE 100 index was down 70.84 points at 6,757.14, with shares in companies exposed to emerging markets suffering.
Shares in Standard Chartered bank and packaging firm Mondi fell more than 5%.
Donald Trump's victory in the US election has raised worries he could introduce protectionist trade policies, hitting emerging markets.
In the FTSE 250, shares in building materials firm SIG dived 20% as it warned on profits and said its chief executive had left the company.
SIG said it had been affected by softer trading conditions in the UK since the Brexit vote and increased competition.
As a result it has lowered its forecast for full-year profits to between £75m and £80m.As a result it has lowered its forecast for full-year profits to between £75m and £80m.
SIG also announced that group chief executive Stuart Mitchell was leaving the company by "mutual agreement".SIG also announced that group chief executive Stuart Mitchell was leaving the company by "mutual agreement".
Mr Mitchell has stepped down with immediate effect, and has been replaced by non-executive director Mel Ewell until a new full-time chief executive is appointed.Mr Mitchell has stepped down with immediate effect, and has been replaced by non-executive director Mel Ewell until a new full-time chief executive is appointed.
SIG's share move was by far the largest move among the major companies on the London stock market. On the currency markets, the pound continued its recovery of the past few days, hitting its highest level against the pound since October's flash crash.
On an otherwise quiet day for company news, the benchmark FTSE 100 index was up just 12.94 points at 6,840.92 in early trade. Sterling rose 0.5% against the dollar to $1.2615 and was 0.7% higher against the euro at €1.1525.
The previous two days had seen big swings in the index as investors grappled with the consequences of Donald Trump's victory in the US election. The pound's recovery has been put down to the news of Donald Trump's election victory, but slightly better-than-expected construction figures also helped sterling.
On the currency markets, the pound was unchanged against the dollar at $1.2556 and slightly higher against the euro at €1.1525. While official figures showed construction output fell 1.1% in the third quarter, the sector's weakest performance for four years, output managed to rise 0.3% in September.