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FTSE 100 falls back from record FTSE 100 falls back from record
(about 7 hours later)
(Noon): After setting record levels on Tuesday, the FTSE 100 index headed lower as the morning progressed. (Close): After reaching an all-time high on Tuesday, the FTSE 100 index closed lower on Wednesday, down 14.25 - or 0.2% - at 6,935.38.
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 closed 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. But investors were more cautious on Wednesday despite reassuring words from the US Federal Reserve.
Shares in Weir Group were the biggest faller on the index, dropping nearly 10%. Shares in oil and gas services firm Weir Group were the biggest faller, dropping nearly 9%.
The company, which makes equipment for the energy and mining industries, said the recent fall in oil prices would hit revenues in 2015. The company said the recent decline 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. In the FTSE 250, shares in oilfield services firm Petrofac rose by almost 9%, as investors were seemingly reassured by chief executive Ayman Asfari's insistence that the firm could withstand the oil downturn - and by the fact that the firm's order backlog was up 26% at the end of 2014.
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. AO World shares dived more than 30% 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.
Barratt Developments edged up 0.3% after it became the latest UK housebuilder to report a bumper rise in profits. On the currency markets, the pound rose 0.29% against the dollar to $1.54980 and also climbed 0.15% against the euro to €1.3646.
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.