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FTSE closes down as WPP shares hit by cautious outlook | |
(about 5 hours later) | |
(Close): Advertising giant WPP was the biggest faller on the FTSE 100 on Friday after it gave a cautious outlook for the year ahead. | |
Its shares fell by 7.95% after it said 2017 had got off to a slow start, citing "tepid economic growth". | |
The comments overshadowed news of record annual revenues of £14.4bn, which were helped by last year's fall in the value of sterling. | The comments overshadowed news of record annual revenues of £14.4bn, which were helped by last year's fall in the value of sterling. |
The FTSE 100 closed slightly lower at 7,374.26, a fall of 8 points or 0.11%. | |
On the FTSE 250, shares in WH Smith closed up 3.36% after Barclays upgraded its rating for the retailer to "overweight" from "equal weight". | |
Also on the FTSE 250, workwear and hygiene company Berendsen, which had earlier slumped by 17%, finished the day 11.4% lower, after it warned on its 2017 outlook. | |
The firm reported improved profits and sales for 2016, but said it would struggle with "legacy issues" this year. | The firm reported improved profits and sales for 2016, but said it would struggle with "legacy issues" this year. |
On the currency markets, the pound fell after the survey of the UK's dominant service sector added to evidence that the economy has slowed since the start of the year. | |
The dollar was boosted by expectations of a rise in US interest rates. | |
Sterling was down 0.12% against the US dollar at $1.2251 and dropped 0.59% against the euro to 1.1606 euros. |