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FTSE 100 dips as BT shares plunge | |
(about 4 hours later) | |
UK shares closed in negative territory after rising earlier, as investors reacted to the Supreme Court ruling on Article 50. | |
The court said Parliament must vote before the Brexit process begins, but that the Scottish, Welsh or Northern Irish assemblies need not be consulted. | |
The FTSE 100 share index ended the day down just 0.84 points at 7,150.34. | |
Biggest loser was BT, which plunged nearly 21% after warning of the effects of a major accounting scandal in Italy. | |
It said it would write down the value of its Italian business by £530m after years of "inappropriate behaviour". | It said it would write down the value of its Italian business by £530m after years of "inappropriate behaviour". |
Sterling fell 0.14% against the dollar to $1.2519, but was little moved against the euro at 1.1644 euros. | |
Shares in Easyjet dropped nearly 9% after the carrier said the weak pound would hit profits by a larger-than-expected £105m this year. | |
Dixons Carphone fell 6.3% despite reporting rising sales over Christmas. In the 10 weeks to 7 January. like-for-like sales rose 6% at its stores in the UK and Ireland. | |
However, analysts said it could face tougher times in 2017. | However, analysts said it could face tougher times in 2017. |
"While it enjoys a key advantage in being the last remaining retailer of any scale that customers can visit to buy those must-have electronics, sterling's weakness makes it increasingly difficult to sell its imported items at knock-down prices and stay competitive with the likes of Amazon," said George Salmon, equity analyst at Hargreaves Lansdown. | "While it enjoys a key advantage in being the last remaining retailer of any scale that customers can visit to buy those must-have electronics, sterling's weakness makes it increasingly difficult to sell its imported items at knock-down prices and stay competitive with the likes of Amazon," said George Salmon, equity analyst at Hargreaves Lansdown. |
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