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FTSE 100 slips as Centrica shares plunge

Centrica shares fell to a 14 year low after the British Gas owner warned on profits and announced a sharp fall in customers.The company said it had lost 823,000 domestic customer accounts since the end of June.Centrica’s shares plunged about 15% to 138.3p, bringing the fall since January to just over 40%.They were by far the biggest faller on the FTSE 100, which closed almost flat at 7,417 points.Morgan Stanley analysts said: “The question now is whether this weakness will persist in to 2018 and the longer-term potential impact on the dividend.”Housebuilders recovered some of the losses seen on Wednesday, when they had been hit by the Budget announcement that the government would reclaim land that was not developed quickly enough.Berkeley Group and Barratt Developments closed about 1.6% higher, with Taylor Wimpey adding 1.2%.Outside the FTSE 100, All Bar One owner Mitchells & Butlers fell 6.6% after warning it may axe its next dividend payment because of lower profits and poor trading amid Brexit uncertainty.Shares in Mothercare sank almost 17% after the baby goods retailer reported a half-year loss.The company said its international markets remained “challenging”, mainly due to weak trading in the Middle East, and also said its UK sales had softened in recent weeks.On the currency markets, the pound fell 0.2% against the dollar to $1.3302, and was 0.4% down on the euro at €1.1290.
Source: BBC News

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My name is Joel Bissitt. I have been an entrepreneur for 24 years and have run many small businesses across various sectors. For the last 10 years I have worked mainly within online media, franchising and small business start-ups. I am an author of various websites including Franchise UK https://www.franchise-uk.co.uk

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