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Just Eat shares jump on improved profit outlook FTSE 100 slides as weak Chinese data hits miners
(about 3 hours later)
(Open): Shares in online food takeaway service Just Eat jumped 7% after it increased its profit forecast. (Noon): The market fell more than 1%, with shares in mining stocks dropping, after a survey indicated further weakness in the Chinese economy.
The FTSE 250 firm said full-year operating profit is set to be £102m-£104m, against a previous estimate of £98m-£100m, after it increased the rate it charges restaurants. By midday, the FTSE 100 index was down 78.95 points, or 1.3%, at 6,162.94.
Revenue is now expected to be £358m, up from £350m. Shares in Just Eat rose 7.6% to 413.1p. A private survey suggested activity at China's factories contracted for the 14th month in a row in April.
The FTSE 100 index was down 25.65 points at 6,216.24. Mining stocks fell sharply on the news. Shares in Anglo American dived nearly 10%, Glencore fell 6.5% and BHP Billiton dropped 4.8%.
Shares in HSBC slipped 0.5%, reversing early gains, after the bank reported a 14% fall in first-quarter profits. Shares in HSBC slipped 1.4% to 446.4p, reversing early gains, after the bank reported a 14% fall in first-quarter profits.
The bank cited "extreme levels of volatility" in financial markets at the start of the year, although the decline in profit was not as bad as analysts had feared.The bank cited "extreme levels of volatility" in financial markets at the start of the year, although the decline in profit was not as bad as analysts had feared.
Shares in Aberdeen Asset Management dropped nearly 7% after the fund group reported a sharp fall in half-year profits as it continued to be affected by the downturn in emerging markets. In the FTSE 250, shares in Just Eat jumped 7.4% to 411.9p after it raised its profit forecast.
The company said full-year operating profit was set to be £102m-£104m, against a previous estimate of £98m-£100m, after it increased the rate it charges restaurants. Revenue is now expected to be £358m, up from £350m.
Shares in Aberdeen Asset Management dropped 9.6% to 270p after the fund group reported a sharp fall in half-year profits as it continued to be affected by the downturn in emerging markets.
Pre-tax profits sank to £98.8m, down from £185.4m a year earlier.Pre-tax profits sank to £98.8m, down from £185.4m a year earlier.
On the currency markets, the pound rose 0.6% against the dollar to $1.4756, and edged up 0.1% against the euro to €1.2732. On the currency markets, the pound fell after a UK manufacturing survey suggested the sector contracted last month for the first time in more than three years.
Against the dollar, the pound surrendered early gains to stand down 0.1% at $1.4664, and fell 0.4% against the euro to €1.2667.