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FTSE 100 falls back from record | |
(about 2 hours later) | |
(Noon): After setting record levels on Tuesday, the FTSE 100 index headed lower as the morning progressed. | |
On Tuesday, the index ended at 6,949.63, beating the previous closing record of 6,930.2 set in December 1999, and also set a new intra-day high of 6,958.89. | |
But on Wednesday the FTSE 100 was down 24.90 points at 6,924.73. | |
Shares in Weir Group were the biggest faller on the index, dropping nearly 10%. | |
The company, which makes equipment for the energy and mining industries, said the recent fall in oil prices would hit revenues in 2015. | |
But Morrisons shares rose 1% after the supermarket chain announced the appointment of a new chief executive. | |
Former Tesco director David Potts will take over the helm at Morrisons on 16 March. He will replace Dalton Philips, who said in January he would leave the retailer. | Former Tesco director David Potts will take over the helm at Morrisons on 16 March. He will replace Dalton Philips, who said in January he would leave the retailer. |
In the FTSE 250, AO World shares dived nearly 30% after the retailer cut its full-year earnings forecast. | |
AO, which sells goods such as washing machines and fridges online, said it now expected to report adjusted core earnings of £16.5m, down from a previous forecast of £18.6m. | AO, which sells goods such as washing machines and fridges online, said it now expected to report adjusted core earnings of £16.5m, down from a previous forecast of £18.6m. |
Barratt Developments edged up 0.3% after it became the latest UK housebuilder to report a bumper rise in profits. | |
After strong figures from both Bovis Homes and Persimmon earlier in the week, Barratt reported a 75% increase in pre-tax profits to £210.2m for the final six months of 2014. | |
On the currency markets, the pound rose 0.3% against the dollar to $1.5502 and also climbed 0.3% against the euro to €1.3666. |