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FTSE 100 steady as Burberry shares fall FTSE 100 steady as Burberry shares fall
(about 4 hours later)
The UK's benchmark share index was holding steady in lunchtime trade, despite falls in fashion brand Burberry and medical technology firm Convatec. The UK's benchmark share index ended Tuesday virtually unchanged after spending most of the day in negative territory.
After slipping in early trade, the FTSE 100 recovered to stand just 6.66 points lower at 7,519.10 by midday. At the close of trade, the FTSE 100 was down by just 0.81 points or 0.01% at 7,524.95.
Shares in Burberry fell 2.7% after HSBC cut its rating on the company to "reduce" from "hold". Shares in Burberry fell 3.7% after HSBC cut its rating on the company to "reduce" from "hold".
But Convatec was the biggest faller on the index, down 5%, after two investors sold a stake in the firm. But Convatec was the biggest faller on the index, down 4%, after two investors sold a stake in the firm.
Nordic Capital and Avista raised £805m by selling 250 million shares.Nordic Capital and Avista raised £805m by selling 250 million shares.
In the FTSE 250, shares in electrical appliances retailer AO World fell more than 7% after it warned of a significant slowdown in its UK business. In the FTSE 250, shares in electrical appliances retailer AO World fell 10.7% after it warned of a significant slowdown in its UK business.
The company said "challenging" trading conditions seen in the second half of its 2016-17 financial year had continued into the current quarter.The company said "challenging" trading conditions seen in the second half of its 2016-17 financial year had continued into the current quarter.
AO reported a 17% rise in annual revenues, but full-year operating losses widened to £12m from £10.7m last year.AO reported a 17% rise in annual revenues, but full-year operating losses widened to £12m from £10.7m last year.
On the currency markets, the pound slipped slightly against the dollar to $1.2900 and edged up 0.1% against the euro to 1.1474 euros. On the currency markets, the pound slipped slightly against the dollar to $1.2895 and fell 0.2% against the euro to 1.1442 euros.