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London Market Report London Market Report
(about 3 hours later)
(Open): After falling more than 1% on Tuesday, the market lost further ground in early trade, with the FTSE 100 index down 16.60 points at 6,721.65. (Noon): Shares in insurance group Admiral led the market lower following its latest trading update.
Shares in insurance group Admiral were the biggest faller on the index, down more than 5%. The firm's shares sank 6% after it said first-half revenues had fallen and there was no sign that car insurance premiums were growing again.
Admiral said first-half revenues had fallen and there was no sign that car insurance premiums were growing again. Admiral also said it would raise up to £200m through its first bond issue.
JD Wetherspoon fell 2.6% after the pub group said growth in underlying sales had slowed over the past 10 weeks. After falling more than 1% on Tuesday, the FTSE 100 index was down 33.22 points at 6,705.23 as the market tracked losses on other major indexes.
Airline shares staged a recovery after having fallen on Tuesday following a profit warning from Air France-KLM.
Outside the FTSE 100, JD Wetherspoon shares fell 2.9% after the pub group said growth in underlying sales had slowed over the past 10 weeks.
Sales at pubs open for more than a year during the 10 weeks to 6 July rose 4.9% compared with growth of 6.2% in the 13 weeks to 27 April.Sales at pubs open for more than a year during the 10 weeks to 6 July rose 4.9% compared with growth of 6.2% in the 13 weeks to 27 April.
"Although sales have slowed in recent weeks, the company remains confident of a reasonable outcome in the current financial year," it said."Although sales have slowed in recent weeks, the company remains confident of a reasonable outcome in the current financial year," it said.
Shares in Thorntons rose 1.4% after the chocolate maker said it was on track to hit full-year profit expectations. Shares in Thorntons fell 0.9% despite the chocolate maker saying it was on track to hit full-year profit expectations.
In the quarter to 28 June, total sales rose by 0.6% as the company continued its rebalancing by moving away from running stores to concentrating on the manufacturing and supply of chocolate.In the quarter to 28 June, total sales rose by 0.6% as the company continued its rebalancing by moving away from running stores to concentrating on the manufacturing and supply of chocolate.
On the currency markets, the pound slipped 0.04% against the dollar to $1.7125 and fell 0.1% against the euro to 1.2577 euros. On the currency markets, the pound dropped 0.1% against the dollar to $1.7113 and was also 0.1% lower against the euro at 1.2571 euros.