The FTSE 100 slipped again in early commerce, with shares in Travis Perkins the most important faller after the builders service provider issued a revenue warning.
Travis Perkins shares dropped 5% after it mentioned it was closing 30 branches, placing 600 jobs in danger, as a consequence of an “unsure UK outlook” subsequent 12 months.
It additionally mentioned core earnings for this 12 months can be “barely beneath” expectations of about £415m.
The FTSE 100 index was down eight.49 factors at 6,991.57.
Reckitt Benckiser was one other faller within the index, down three.three% after its gross sales development slowed by greater than anticipated within the third quarter of the 12 months.
Underlying gross sales grew by 2%, down from four% within the earlier quarter and beneath analysts’ estimates of two.eight%.
Within the FTSE 250, shares in Laird – an electronics element maker that provides cell phone producers – plunged 40% after the corporate warned on earnings.
Laird mentioned that “the acceleration of manufacturing for cell units has come a lot later than in earlier cycles and visibility on volumes stays poor”.
“As well as, we’ve skilled elevated margin stress as a consequence of unprecedented pricing pressures and a few operational components.”
Because of this, it now expects full-year earnings of about £50m, in contrast with £73,1m final 12 months.
On the foreign money markets, the pound gave up among the beneficial properties it had seen on Tuesday. Sterling fell zero.2% against the dollar to $1.2276 and was additionally zero.2% decrease against the euro at €1.1175.