Date: Monday 27 Feb 2012
Leading the way lower was India-focused power generation and oil and gas group Essar Energy, after reporting a sharp drop in profits in the 12 months ended December 31st. When accounting for the reversal of a sales tax benefit - due to the Indian Supreme Court ruling against a sales tax deferment - the group fell to a pre-tax loss of $881.1m, from a profit of $365.5m the year before.
Pearson, publisher of Penguin books and the Financial Times, was hot on its heels after seeing sales climb to £5,862m in 2011 from £5,663m in 2010, below the market consensus forecast of £5,919m.
Meanwhile, distribution and outsourcing firm Bunzl was heading in the opposite director after profits were comfortably ahead of expectations in 2011, with the new bits and the old bits of the company all chipping in with strong performances.
Oil group BP also took a hit after the court hearing regarding the Macondo oil well explosion which was due to start on Monday February 27th was delayed by one week.
The delay is to allow more time for UK integrated oil company BP and the Plaintiffs' Steering Committee (PSC) more time to continue settlement discussions and attempt to reach an agreement.
High street retailer Marks and Spencer rose after it announced that Jan du Plessis will take over as Senior Independent Director from March 1st.
FTSE 100 - Risers
Bunzl (BNZL) 946.00p +1.67%
BP (BP.) 503.40p +1.45%
Tate & Lyle (TATE) 704.00p +1.00%
Marks & Spencer Group (MKS) 355.90p +0.71%
British American Tobacco (BATS) 3,141.00p +0.45%
BT Group (BT.A) 217.10p +0.28%
United Utilities Group (UU.) 604.50p +0.25%
Kingfisher (KGF) 281.80p +0.25%
Rexam (REX) 417.90p +0.22%
Meggitt (MGGT) 388.90p +0.21%
FTSE 100 - Fallers
Essar Energy (ESSR) 111.90p -11.19%
Pearson (PSON) 1,195.00p -4.48%
HSBC Holdings (HSBA) 552.40p -3.91%
Hargreaves Lansdown (HL.) 445.40p -3.59%
Lloyds Banking Group (LLOY) 34.48p -3.48%
Royal Bank of Scotland Group (RBS) 27.64p -3.12%
Burberry Group (BRBY) 1,382.00p -2.74%
GKN (GKN) 229.40p -2.59%
Kazakhmys (KAZ) 1,133.00p -2.58%
Barclays (BARC) 241.65p -2.42%
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