The FTSE 100 dips 0.24% to 7,477.45, breaking its usual habit of rising when the pound is under pressure thanks to tensions between the US and China and brewing financial issues in Italy.
Plumbing products specialist Ferguson (FERG) hikes its dividend after reporting an uptick in annual profit led by 'strong' industrial growth in the US, though UK performance was weaker as a restructuring plan got underway.
For the 12 months to 31 July, pre-tax profit is up 16.6% to $1.19bn, revenue increases 7.6% to $20.75bn and earnings grow 21.4% to $4.44 a share, a notch above expectations of $4.39 a share.
Investors are apparently spooked by comments that growth in September was slightly lower than August, prompting the shares to fall 4.4% to £62.44.
Delivery firm Royal Mail (RMG) remains under pressure, down 7.4% to 362.6p after yesterday afternoon’s shock profit warning.
Defence contractor Meggitt (MGGT) dips 0.5% to 566.8p as it snares a $323m five-year contract with the US Defense Logistics Agency to supply wheels, brakes and related spare parts for aircraft.
The contract covers the supply of depot-level spares for several defence platforms, including F-16 Falcon, H-60 Blackhawk and CH-47 Chinook.
It includes a further five-year option period and replaces a prior five-year agreement which expired on 30 September.
Ryanair (RYA) says passenger volumes grew 11% in September, though strike action caused the cancellation of 400 flights during the month.
The budget airline, which yesterday downgraded its profit guidance, says monthly passenger numbers rose to 11.8m. Its load factor remains steady at 97%. The shares descend 2% to €11.20.
