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Inmarsat leads FTSE 100 lower | |
(about 5 hours later) | |
(Close): Shares in London closed with modest losses, but the FTSE 100 ended above the lowest levels for the day. | |
The FTSE 100 closed 0.3% lower at 6,136, having fallen to 6,122 earlier. | |
The biggest faller was satellite operator Inmarsat. Shares fell 4% after analysts at Morgan Stanley cut their rating of the company's shares. | |
Earlier this year it issued a profit warning and shares have fallen by more than 30% this year, leaving the firm facing relegation from the FTSE 100. | |
Sports Direct was one of the biggest losers on the FTSE 250. Shares slumped 4% after Goldman Sachs changed its view on its shares from buy to neutral. | |
Shares in the insurer Legal and General fell 0.2% after it agreed to buy a £3bn annuity portfolio from Dutch rival Aegon. | |
The Dutch firm is gradually pulling out of the UK in order to focus on other parts of its business. | The Dutch firm is gradually pulling out of the UK in order to focus on other parts of its business. |
On the currency markets, the pound edged down by 0.14% against the dollar to $1.447, and was just 0.06% lower against the euro at €1.2909. | On the currency markets, the pound edged down by 0.14% against the dollar to $1.447, and was just 0.06% lower against the euro at €1.2909. |