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Provident leads FTSE 100 higher again | Provident leads FTSE 100 higher again |
(about 3 hours later) | |
Shares in troubled doorstep lender Provident Financial have risen for the third day in a row, following their 66% plunge on Tuesday. | Shares in troubled doorstep lender Provident Financial have risen for the third day in a row, following their 66% plunge on Tuesday. |
In Friday morning trading, the stock was up 20%, bolstered by news of a management shake-up at the firm. | |
Tuesday's slump was prompted by the company's second profit warning in three months. | Tuesday's slump was prompted by the company's second profit warning in three months. |
Overall, the benchmark FTSE 100 index was up 27.6 points or 0.37% at 7,434.66 points. | |
Provident rose 13% on Thursday and 12% on Wednesday. | Provident rose 13% on Thursday and 12% on Wednesday. |
Friday's trading was not so rosy for advertising giant WPP, another firm that has seen big losses this week. | Friday's trading was not so rosy for advertising giant WPP, another firm that has seen big losses this week. |
Its shares fell 11% on Wednesday after it reported slowing sales, then rose 2.9% on Thursday. But on Friday it was back in the losers' table, shedding 1.4%. | Its shares fell 11% on Wednesday after it reported slowing sales, then rose 2.9% on Thursday. But on Friday it was back in the losers' table, shedding 1.4%. |
On the currency markets, the pound was up 0.28% against the dollar at $1.2837 and up 0.15% against the euro at 1.0862 euros. |