FTSE 100 movers: Public sector outsourcers slide

20th Jul 2010 12:27

Outsourcers have been hit by a negative trading statement by Cable & Wireless Worldwide. Telecoms services provider C&W Worldwide heads the fallers after it warned that the coalition government's emergency budget will hit earnings growth. C&W Worldwide says earnings will come in at the lower end of the range of expectations. The largely UK focused part of the old Cable & Wireless said the first quarter went to plan. But non-contracted spending in the UK public sector has slowed "very significantly", it cautioned. "Given the nature of our public sector business, this reduction will adversely impact trading in the current year." Serco and Capita are lower in sympathy. Seven of the top ten risers are mining companies. They are headed by Rio Tinto. International Power continues to rise on the back of its talks with GDF Suez. FTSE 100 - RisersRio Tinto (RIO) 3,150.00p +3.33%Vedanta Resources (VED) 2,296.00p +3.05%Xstrata (XTA) 945.30p +2.95%BHP Billiton (BLT) 1,855.00p +2.12%Antofagasta (ANTO) 931.50p +2.03%Burberry Group (BRBY) 820.00p +1.86%Eurasian Natural Resources (ENRC) 853.50p +1.79%African Barrick Gold (ABG) 588.00p +1.47%International Power (IPR) 354.90p +1.40%Next (NXT) 2,065.00p +1.28%FTSE 100 - FallersCable & Wireless Worldwide (CW.) 69.90p -16.34%Serco Group (SRP) 536.50p -5.88%Autonomy Corporation (AU.) 1,796.00p -3.75%Capita Group (CPI) 714.50p -3.51%BT Group (BT.A) 134.60p -3.17%ICAP (IAP) 395.00p -2.90%Smith & Nephew (SN.) 584.50p -2.66%Wolseley (WOS) 1,329.00p -2.49%Cobham (COB) 232.60p -2.27%G4S (GFS) 260.00p -2.18%