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Stagecoach stumbles as markets cool Stagecoach stumbles as markets cool
(about 4 hours later)
Train and bus operator Stagecoach was among the biggest fallers after it reported a plunge in annual profits. Train and bus operator Stagecoach was London's biggest faller after it reported a plunge in annual profits.
The FTSE 250-listed firm saw its share price drop 1.9% after pre-tax profit fell from £104.4m to £17.9m. The FTSE 250-listed firm saw its share price drop 9.4% after pre-tax profit fell from £104.4m to £17.9m.
Overall, the FTSE 250 was 0.39% lower at 19,450.01, while the 100-share index was down 0.41% at 7,404.17. Overall, the FTSE 250 was 0.16% lower at 19,496.54, while the 100-share index was down 0.03% at 7,432.29.
On the currency markets, the pound was down 0.07% against the dollar at $1.2806 and 0.27% lower against the euro at 1.1273 euros. On the currency markets, the pound was up 0.08% against the dollar at $1.2824 and 0.17% lower against the euro at 1.1285 euros.
Bucking the downward trend, Dixons Carphone was up 0.9% after reporting record annual profits. Bucking the downward trend, outsourcing firm Bunzl was up 3.6%, making it the biggest riser on the FTSE 100, after it predicted a 7% rise in half-year profits thanks to new business in the US.
Dixons Carphone started the day strongly after reporting record annual profits, but gave up all its gains and was down 0.03% by lunchtime.
The firm, formed through a merger of Dixons and Carphone Warehouse in 2014, said income rose by 10% to £501m.The firm, formed through a merger of Dixons and Carphone Warehouse in 2014, said income rose by 10% to £501m.