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Sage and Unilever lead FTSE 100 lower Sage and Unilever lead FTSE 100 lower
(about 17 hours later)
The FTSE 100 ended down on Thursday following sharp falls by Sage Group and Unilever.The FTSE 100 ended down on Thursday following sharp falls by Sage Group and Unilever.
The blue chip share index dipped 2.94 points to 7,161.49.The blue chip share index dipped 2.94 points to 7,161.49.
Shares in accountancy software specialist Sage tumbled 5.4% to 599p following poor sales in its US payments business which it may now sell.Shares in accountancy software specialist Sage tumbled 5.4% to 599p following poor sales in its US payments business which it may now sell.
Consumer goods giant Unilever's stock plunged 4.7% to £31.91 on currency headwinds.Consumer goods giant Unilever's stock plunged 4.7% to £31.91 on currency headwinds.
Drinks-maker Diageo was the day's top riser, up 3.6% to £22.18, after the world fell back in love with Scotch.Drinks-maker Diageo was the day's top riser, up 3.6% to £22.18, after the world fell back in love with Scotch.
Royal Bank of Scotland retained its place as one of the best performers on Thursday when its shares rose 2.3% to 232.9p.Royal Bank of Scotland retained its place as one of the best performers on Thursday when its shares rose 2.3% to 232.9p.
The bank, which is 72% owned by the taxpayer, has set aside an extra $3.8bn to settle fines related to the sale of financial products linked sub-prime mortgages in the US.The bank, which is 72% owned by the taxpayer, has set aside an extra $3.8bn to settle fines related to the sale of financial products linked sub-prime mortgages in the US.
The UK market posted modest gains, with Royal Bank of Scotland leading the way despite it setting aside more money to deal with US litigation.
Shortly before midday, the FTSE 100 index was up 13.47 points at 7,177.90.
RBS jumped 5.2% even though the bank said it had set aside a further $3.8bn (£3.1bn) to cover potential fines.
The provision is for an expected penalty over the sale of financial products linked to risky mortgages before the 2008 financial crisis.
"RBS shares are up a touch today, perhaps as investors decide that things might not be as bad as feared (the fines coming its way could be less than the $12bn expected), and that things can now only get better," said Neil Wilson from ETX Capital.
"That's a big assumption... it may to have to set more aside. It all depends on the negotiations with the Department of Justice."
Diageo shares rose more than 4% after the company - whose brands include Johnnie Walker Scotch and Smirnoff vodka - reported a better-than-expected 4.4% rise in sales for the half-year to 31 December.
The company said it had been helped by an improved performance from its US spirits business.
Whitbread shares fell 4.9% after the company reported disappointing trading at the London branches of its Premier Inn hotels business.
A key revenue measure for the London hotels fell by 6% in the three months to 1 December.
The results overshadowed better figures from its Costa Coffee chain, where like-for-like sales grew by 4.3%.
On the currency markets, the pound fell 0.4% against the dollar to $1.2580 and was 0.3% lower against the euro at 1.1722 euros.