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FTSE 100 slips as Centrica shares plunge | |
(about 3 hours later) | |
Centrica was the stand-out casualty on the London market after the owner of British Gas warned on profits and announced a sharp fall in customers. | Centrica was the stand-out casualty on the London market after the owner of British Gas warned on profits and announced a sharp fall in customers. |
The company said it had lost 823,000 domestic customer accounts since the end of June. | |
Centrica's shares plunged 16%, putting it on track for its worst one-day fall on record. | |
It was by far the biggest faller on the FTSE 100. Shortly after midday the index was down 4.00 points at 7,415.02. | |
Housebuilders recovered some of the losses seen on Wednesday, when they had been hit by the Budget announcement that the government would reclaim land that was not developed quickly enough. | |
Berkeley Group, Barratt Developments and Taylor Wimpey were all up by about 1.6%. | |
Outside the FTSE 100, shares in Mothercare sank nearly 17% after the baby goods retailer reported a half-year loss. | |
The company said its international markets remained "challenging", mainly due to weak trading in the Middle East, and also said its UK sales had softened in recent weeks. | |
On the currency markets, the pound fell 0.1% against the dollar to $1.3312, and was 0.4% down on the euro at €1.1230. |