Leading shares continued their volatile way, losing ground on Russian sanctions and Argentinian default fears despite some positive corporate news.
Ironically, strong US GDP figures also unsettled the market, suggesting the US Federal Reserve might begin raising interest rates sooner than previously expected.
So ahead of the Fed's latest update later on Wednesday,
Among the gainers,
Other miners were also weaker. BHP Billiton lost 48p to £20.48, while
Among the mid-caps Pace dropped 24.5p to 337.4p as Liberum cut its target price from 420p to 390p in the wake of this week's news of the unexpected departure of its finance director. Liberum said:
We leave estimates broadly unchanged. Pace needs its strongest ever half in the second half of 2014 to reach full year revenue guidance. The sudden departure of the highly regarded finance director may suggest there were internal disagreements over strategy. The 10% free cash flow yield should provide support, but longer term uncertainties remain.
Finally construction group Keller fell 23p to 890p after it said it would take a £30m charge relating to a dispute over a project completed in 2008. The charge relates to purported defects in a floor slab at a warehouse, but may be covered by insurance. Analysts at Liberum said:
[This is an] unexpected announcement regarding a legacy contract triggering a £30m exceptional charge. The outcome is uncertain but may be significantly less bad than the headline suggests (it may be covered in full by insurance). A short term share price hit is inevitable but we would buy on weakness: the shares are cheap, offer substantial margin recovery potential and the balance sheet is strong.
Most Popular Stories
- PBS Series Examines America's Demographic Shift
- Tim Cook Has Proved That Apple is His Baby
- Royals Beat A's in 12-inning Wild Card Thriller
- Construction Spending Down Again for August
- Texas Sees Gains in Hispanic College Enrollment
- Americans Bet Big on Gambling Industry
- California's Ban on Plastic Bags: What Now?
- Petri Likely Broke House Ethics Rules
- Exxon Gives Nod to Fracking Risks
- Morgan: 'Can't Believe' Wal-Mart Blaming Him