The UK benchmark index has started the new week on the back foot, with investors digesting the latest developments in the Middle East, as well as a string of corporate news. In individual FTSE 100 movers, shares in WPP (LON:WPP) have lost ground after the advertising giant announced that its chief executive had stepped down.
FTSE 100 down
As of 12:11 BST, the Footsie had given up 31.08 points to stand 0.43 percent lower at 7,233.48. Investors have been cautious in today’s trading following the latest missile strikes on Syria.
“The strikes took place after market close on Friday night/Saturday morning, giving the market time over the weekend to note the limited nature of the attack. Russia has condemned the attack but no further response is expected,” FxPro analysts said on a note today, as quoted by Proactive Investors.
In individual stock movers, WPP has given up 5.43 percent to 1,123.50p after announcing that its chief executive Sir Martin Sorrell had stepped down with immediate effect. The move was prompted by an investigation into allegations of personal misconduct.
“It is not clear whether the current margin targets or dividend payout will survive management change,” Citi analysts said in a note, as quoted by Reuters, adding that the stock’s loss of a third of its value in the past year could attract ‘value’ investors.
Shire (LON:SHP) meanwhile has added 0.83 percent to 3,636.50p after announcing that it had inked a deal to offload its oncology portfolio, while Whitbread (LON:WTB) is up 7.47 percent to 4,229.00p on the news that activist investor Elliott has acquired a stake in the company.
The FTSE 100 was 0.55 percent down at 7,224.76 points as of 12:50 BST on April 16, 2018.