The FTSE 100 opened in slightly negative territory, thanks to the major slump in the Travis Perkins stock price.
The builders’ merchant, which owns the Wickes DIY chain in the UK and has 2,000 stores in its portfolio, became one of the biggest losers on the London stock market. Shares tumbled by nearly 7% because it warned investors that its annual earnings growth is likely to be at the lower end of the forecast.
However, gambling giant Ladbrokes provided huge relief for the FTSE this morning, as shares gained by nearly 5%. This is despite posting a 56.7% drop in profits for the third quarter this year. Shares rose because its results were in line with expectations.
Although revenues fell by 0.7% from the same quarter last year, it said that if it stripped out the benefits from the World Cup, sales would be up 2%.
Meanwhile, Debenhams also led the FTSE 100 this morning with a 3.4% rise after the high street retailer revealed that its CEO Michael Sharp was stepping down.The company announced today a full-year pre-tax profit in line with forecasts, up 7% to £113.5 million ($US175.3 million), but underlying sales only inched ahead 0.6% when you strip out currency fluctuations.