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FTSE 100 closes lower led by Aberdeen Asset Management | |
(about 4 hours later) | |
(Close): The FTSE 100 fell, weighed down by disappointing results from Aberdeen Asset Management, while Pearson rose on the FT's takeover. | |
Pearson shares climbed 2.1% after it said it will sell the Financial Times Group to Japanese media firm Nikkei. | |
The FTSE 100 index was 12.33 points lower at 6,655.01 at the close. | |
Shares in Unilever rose 1.6% after the food and cosmetics giant reported a better-than-expected 2.9% rise in second quarter underlying sales. | |
B&Q owner Kingfisher also climbed 2% after it reported a pick-up in sales growth over the past 10 weeks. | |
Aberdeen Asset Management was the biggest loser on the FTSE 100, dropping 7.6% after investors withdrew £9.9bn from its funds in the second quarter. | |
The company blamed the fall on worries over the stock market swings in China, and the increasing prospects of a US rate rise. | The company blamed the fall on worries over the stock market swings in China, and the increasing prospects of a US rate rise. |
Energy firm SSE fell 5% after saying its retail business was expected to report lower profits this year. | |
Outside the FTSE 100, shares in Daily Mail and General Trust sank 8.7% after the publisher said full-year results would be at the lower end of expectations because of a "marked deterioration" in the UK print advertising market. | |
Shares in baby goods retailer Mothercare fell 5.9% after it reported a slowdown in sales growth. | |
It said trading in its international division - which has been its more profitable side in recent years - had been "more volatile", with consumer confidence hit in some markets. | It said trading in its international division - which has been its more profitable side in recent years - had been "more volatile", with consumer confidence hit in some markets. |
Meanwhile, like-for-like sales in the UK rose 1.3% in the second quarter, compared with 5.1% growth in the first. | Meanwhile, like-for-like sales in the UK rose 1.3% in the second quarter, compared with 5.1% growth in the first. |
On the currency markets, the pound fell after UK retail sales figures for June came in weaker than expected. | On the currency markets, the pound fell after UK retail sales figures for June came in weaker than expected. |
Sterling dropped 0.6% against the dollar to $1.5518 and fell 1% against the euro to €1.4144. |