FTSE 100 movers: G4S is once again leading the way lower

17th Jul 2012 15:40

Security solutions firm G4S continued to fall as it is hampered by the Olympics contract debacle. The company said yesterday that it expects to incur a £35-50m loss on the contract after failing to deliver as many workers as it had promised to. The stock is also being weighed down by ratings cuts from Bank of America Merrill Lynch and Deutsche Bank. Plumbing and heating products distributor Wolseley was a heavy faller after saying that the difficult market conditions in Continental Europe in the third quarter have continued and it is now exploring strategic options for the future of its businesses in France. Mining giant Rio Tinto was firmly in the red after saying that iron ore production exceeded sales in the second quarter, fuelling concerns about demand. Utilities firm National Grid was among the worst performers after both Societe Generale and Morgan Stanley cut their target prices for the stock, while chip designer ARM Holdings was lower after Citi reduced its target price. FTSE 100 - RisersBarclays (BARC) 160.05p +1.49%Amec (AMEC) 1,078.00p +1.22%British Land Co (BLND) 539.00p +1.03%WPP (WPP) 794.00p +1.02%British Sky Broadcasting Group (BSY) 695.00p +0.94%Hammerson (HMSO) 468.50p +0.88%Diageo (DGE) 1,683.50p +0.69%Hargreaves Lansdown (HL.) 554.50p +0.64%InterContinental Hotels Group (IHG) 1,516.00p +0.60%BP (BP.) 443.65p +0.49%FTSE 100 - FallersG4S (GFS) 240.10p -5.70%Admiral Group (ADM) 1,131.00p -3.83%National Grid (NG.) 662.50p -2.93%Wolseley (WOS) 2,260.00p -2.92%Eurasian Natural Resources Corp. (ENRC) 392.20p -2.66%International Consolidated Airlines Group SA (CDI) (IAG) 155.80p -2.62%ARM Holdings (ARM) 476.70p -2.26%Kazakhmys (KAZ) 712.50p -2.06%Rolls-Royce Holdings (RR.) 853.00p -1.95%IMI (IMI) 783.50p -1.88%NR