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FTSE 100 steadies near record level FTSE 100 falls back from record
(about 2 hours later)
(Open): The FTSE 100 share index was holding steady in early trade near the record closing level it set on Tuesday. (Noon): After setting record levels on Tuesday, the FTSE 100 index headed lower as the morning progressed.
After about an hour of trade the index was down just 2.31 points at 6,947.32. 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.
On Tuesday, the index had ended at 6,949.63, beating the previous closing record of 6,930.2 set in December 1999. But on Wednesday the FTSE 100 was down 24.90 points at 6,924.73.
It also set a record intra-day high of 6,958.89, helped by signs of progress towards a Greek debt deal and following comments from US Federal Reserve chair Janet Yellen. Shares in Weir Group were the biggest faller on the index, dropping nearly 10%.
On Wednesday, shares in Weir Group, which makes equipment for the energy and mining industries, were the biggest faller in the FTSE 100, down 9.4%, after the company said the recent fall in oil prices would hit revenues in 2015. 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 1.9% after the supermarket chain announced the appointment of a new chief executive. 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 20% after the retailer cut its full-year earnings forecast. 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.
On the currency markets, the pound rose 0.5% against the dollar to $1.5528 and climbed 0.14% against the euro to €1.3645. 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.