Home news FTSE 100 slips as Convatec slumps

FTSE 100 slips as Convatec slumps


The London market dipped just before midday, with shares in Convatec slumping after the medical technology company cut its revenue growth forecast.Convatec shares dived more than 20% after it cut its target for full-year organic revenue growth to 1%-2% from its previous estimate of 4%.The company said it had been “severely” affected by supply issues.The benchmark FTSE 100 index was down 3.47 points at 7,531.97.Shares in GKN slid a further 2.2% after Societe Generale cut its rating on the engineering company to “hold”.On Friday, GKN shares fell by nearly 10% after it issued a profit warning.However, mining shares bolstered the FTSE 100 after data from China indicated an improvement in manufacturing profits in the country. Among the UK-listed mining stocks, Rio Tinto, BHP Billiton and Glencore were all up by about 2%.On the currency markets, the pound rose 0.1% against the dollar to $1.3302 and was 0.3% higher against the euro at €1.1271.
Source: bbc