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FTSE 100 dips as Wolseley shares slide

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The market opened lower, with shares in plumbing firm Wolseley hit by its latest trading update.

Wolseley shares fell 5.6% after it said like-for-like revenues had risen 1% in recent weeks, compared with 2.8% growth in the three months to 30 April.

It said demand in several of its markets remained “subdued” and it was “committed to further restructuring in the UK and Europe”.

The FTSE 100 index was down 15 points at 6,215.79.

In the FTSE 250, shares in Halfords fell 4.7% after the car parts and bicycle retailer reported flat full-year profits.

Underlying pre-tax profits at the retailer rose by just 0.5% to £81.5m in the year to 1 April.

On the currency markets, the pound edged up 0.1% against the dollar to $1.4495 (£1.00), but fell 0.1% against the euro to €1.2991 (£1.00).

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Paul

The author Paul