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FTSE 100 slides to a six-week low | |
(about 4 hours later) | |
The UK market has ended the week at its lowest level for six weeks as retail shares continued to lose ground. | |
By the end of the day, the benchmark FTSE 100 share index had lost 51.11 points at 7,432,99. | |
Retail distribution group Bunzl was the biggest faller in the index, down more than 6%, after Morgan Stanley flagged up the risk to the company from Amazon's business-to-business venture. | Retail distribution group Bunzl was the biggest faller in the index, down more than 6%, after Morgan Stanley flagged up the risk to the company from Amazon's business-to-business venture. |
Burberry shares fell again, dropping nearly 3%. | |
On Thursday, shares in the luxury fashion group had sunk 10% after it unveiled plans to move further upmarket. | On Thursday, shares in the luxury fashion group had sunk 10% after it unveiled plans to move further upmarket. |
Marks and Spencer fell 1.9% and Primark owner AB Foods lost 1.5% as investors digested a week of downbeat retail news. | |
In the FTSE 250, Ultra Electronics fell more than 11% after the defence firm said a decision on its purchase of US firm Sparton was set to be delayed. | |
Ultra Electronics announced in July it would buy Sparton, which makes anti-submarine devices, for $234m. | Ultra Electronics announced in July it would buy Sparton, which makes anti-submarine devices, for $234m. |
However, it said in September that the US Department of Justice had asked for more information, and it now expects the department to make a decision at the end of March. | However, it said in September that the US Department of Justice had asked for more information, and it now expects the department to make a decision at the end of March. |
On the currency markets, the pound rose 0.5% against the dollar at $1.32090 and was also 0.4% higher against the euro at €1.13330. |