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FTSE falls as Centrica shares hit Centrica dividend cut hits shares
(about 2 hours later)
(Open): Shares in Centrica fell sharply after it reported a sharp fall in profits and slashed its dividend. (Noon): Shares in Centrica fell sharply after it reported a big fall in profits and slashed its dividend.
Profits at the British Gas owner sank 35% and it cuts its full-year dividend by 21%, sending shares in Centrica down by more than 7%. Profits at the British Gas owner sank 35% and it cuts its full-year dividend by 21%, sending shares in Centrica down by more than 8%.
The benchmark FTSE 100 index fell 29.16 points to 6,868.92. However, after falling in early trade, the FTSE 100 index recovered to stand 1.43 points higher at 6,899.51.
BAE Systems fell 1.1% after the defence company's latest results. Operating profit rose from £806m to £1.3bn, but sales fell to £16.6bn from £18.1bn. Markets across Europe rebounded on hopes of a solution in the Greek debt talks.
However, the company said there were signs that US military spending is set to improve. It was confirmed on Thursday that Greece has asked the eurozone for a loan extension after weeks of wrangling over its international bailout.
Shares in defence company BAE Systems edged up 0.3% after it said there were signs that cuts to defence spending in the US had bottomed out. Operating profit rose from £806m to £1.3bn last year, but sales fell to £16.6bn from £18.1bn.
Sports Direct shares rose 2% after the sporting goods retailer reported a 7.6% rise in gross profit to £346.9m for the 13 weeks to 25 January.Sports Direct shares rose 2% after the sporting goods retailer reported a 7.6% rise in gross profit to £346.9m for the 13 weeks to 25 January.
However, the retailer added that its Austrian business had suffered from a "weak winter sports season".However, the retailer added that its Austrian business had suffered from a "weak winter sports season".
On the currency markets, the pound rose 0.1% against the dollar to $1.5451 but fell 0.29% against the euro to €1.3505. News that drinks can maker Rexam had accepted a £4.4bn takeover offer from US rival Ball Corp sent its shares up 4.4%.
Rexam is Europe's largest drinks can maker, employing about 8,000 people in 55 manufacturing sites across 20 countries.
On the currency markets, the pound rose 0.13% against the dollar to $1.5455 and climbed 0.13% against the euro to €1.3562.