Inmarsat leads FTSE shares lower

Jessica TranterLast Update : Friday 13 May 2016 - 2:30 PM
Inmarsat leads FTSE shares lower

Inmarsat leads FTSE shares lower

Market trader (file picture)Image copyright Getty Images

(Noon): Shares in satellite giant Inmarsat were the biggest fallers among the top 100 shares in London trade.

There was little market response to comments by the IMF chief, Christine Lagarde, that Brexit would be “pretty bad, or very, very bad”.

The FTSE 100 was down 25.22 points at 6,078.97.

Inmarsat was down 7% after its rival Eutelsat warned on its growth prospects, sending its own shares down 30%.

Inmarsat itself issued quarterly results that included a profits warning last week, leaving it with a cumulative share price fall of 20%.

Coca-Cola HBC was a heavy faller, down 5.4% after adverse currency movements hit its revenue.

Broadcaster ITV lost 3%, also among the top five fallers extending its losses from the previous session after Deutsche Bank, Barclays, JP Morgan, Citigroup and UBS cut their price targets on the shares.

On Thursday, ITV cut its advertising revenue forecast, saying the EU referendum vote was causing companies to delay booking advertising.

Insurer Direct Line was also in the top five fallers with a loss of around 2%.

The pound was down 0.25% against the dollar at $1.4417 but was flat against the euro at €1.2699.

Source: BBC Business

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2016-05-13 2016-05-13
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Jessica Tranter