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FTSE 100 slides in early trade Sky shares lifted by Fox deal reports
(about 3 hours later)
The UK market slid as trading got under way, with United Utilities shares lower following a broker downgrade. Shares in Sky were boosted by reports that Comcast and Verizon Communications are interested in buying parts of media giant 21st Century Fox.
Shares in United Utilities fell 3.1% after analysts at HSBC cut their rating on the water and sewage firm to "hold". Fox's 39% stake in Sky is reportedly one of the assets being eyed by the suitors, and this triggered a 2.7% rise in the UK broadcaster's share price.
United Utilities was the biggest faller in the FTSE 100, with the benchmark index down 23.30 points at 7,363.64. That made Sky the biggest riser in the FTSE 100, with the benchmark index up 11.41 points at 7,398.35 by midday.
Sky shares rose 2.7% after reports said Comcast and Verizon were interested in buying 21st Century Fox's 39% stake in the broadcaster. Shares in United Utilities fell 4% following a broker downgrade.
Such a deal would be part of a wider purchase of 21st Century Fox's assets, including Fox's movie and TV production studios, the reports said. Analysts at HSBC cut their rating on the water and sewage firm to "hold".
Outside the FTSE 100, the biggest mover was construction firm Carillion, which saw its shares plunge 30% after it issued another profit warning and said it expected to breach its financial covenants. Outside the FTSE 100, the biggest mover was construction firm Carillion, which saw its shares plunge 35% after it issued another profit warning and said it expected to breach its financial covenants.
On the currency markets, the pound rose 0.3% against the dollar to $1.3240 and climbed 0.1% against the euro to €1.1227. On the currency markets, the pound edged up 0.1% against the dollar to $1.3202 but fell 0.2% against the euro to €1.1193.