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(Morning): A profit warning from Asos sent shares in the online fashion retailer plunging and also knocked shares across the retail sector. | |
Asos said the strength of the pound had hurt overseas sales and forced it to launch a series of promotions. | |
Shares in Asos sank more than 40% at first, before recovering slightly to stand down 30%. | |
Among other retailers, Primark owner AB Foods fell 1.6% and Superdry owner Supergroup dropped 4%. | |
The FTSE 100 was down 19.12 points at 6,799.51 by mid morning. Analysts are not expecting any sharp moves ahead of the outcome of the European Central Bank's (ECB) latest meeting. | |
The ECB is expected to cut interest rates and announce other measures to try to boost growth in the eurozone. | |
Medical devices company Smith & Nephew was the strongest riser on the FTSE 100, climbing 4.8% as the takeover speculation surrounding the company continued. | |
US company Medtronic is the latest company to be named as a possible suitor. Last week, it was reported that US firm Stryker was considering making a bid for Smith & Nephew, although Stryker subsequently denied the report. | |
Property website Zoopla announced the price range for its forthcoming flotation. It said its shares would be priced at between 200p and 250p, which would value the firm at about £940m. | |
On the currency markets, the pound rose 0.14% against the dollar to $1.6759 and was flat against the euro at 1.2311 euros. |