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FTSE 100 slips as Convatec slumps FTSE 100 closes down as Convatec slumps
(about 4 hours later)
The London market dipped just before midday, with shares in Convatec slumping after the medical technology company cut its revenue growth forecast. Convatec was the stand-out faller on the FTSE 100, with the shares slumping 26.6% after the medical tech company cut its revenue growth forecast.
Convatec shares dived more than 20% after it cut its target for full-year organic revenue growth to 1%-2% from its previous estimate of 4%.
The company said it had been "severely" affected by supply issues.The company said it had been "severely" affected by supply issues.
The benchmark FTSE 100 index was down 3.47 points at 7,531.97. The FTSE 100 index closed 0.11% down at 7,526.97, with heavyweight miners helping to stem the losses. Glencore rose 1.5% and BHP Billiton added 1.4%.
Shares in GKN slid a further 2.2% after Societe Generale cut its rating on the engineering company to "hold". On the currency markets, the pound was little changed on the dollar at $1.328, and rose 0.07% on the euro at €1.1249.
Another big FTSE 100 faller was engineering group GKN, down 3.4%.
Several brokerages cut their target price on the stock after GKN warned its annual profit would fall short of expectations due to disappointing aerospace trading.
On Friday, GKN shares fell by nearly 10% after it issued a profit warning.On Friday, GKN shares fell by nearly 10% after it issued a profit warning.
However, mining shares bolstered the FTSE 100 after data from China indicated an improvement in manufacturing profits in the country. Outside the top flight, Sirius Minerals, up 6.3%, was the main riser on the FTSE 250, which finished the day down 0.21% at 20,217 points.
Among the UK-listed mining stocks, Rio Tinto, BHP Billiton and Glencore were all up by about 2%. Brown (N) Group fell 8.5%, while Capita finished 4.4% lower.
On the currency markets, the pound rose 0.1% against the dollar to $1.3302 and was 0.3% higher against the euro at €1.1271.