Britain's Stocks Fall With Whitbread, Inmarsat Down on Earningsby
Britain’s stocks fell further away from their highest level of the year, down for a second day.
Whitbread Plc plunged 6.2 percent, the most since 2008, after sales at Premier Inn and Costa missed projections. Inmarsat Plc dropped 4.2 percent after saying it sees uncertainty regarding future net income from LightSquared. Admiral Group Plc rallied 9 percent and CRH Plc’s London ticker added 4.6 percent after the companies reported profits that beat estimates.
The FTSE 100 Index dropped 0.3 percent after reaching its highest level of the year on March 1. It’s still heading for a weekly advance, up 0.6 percent. The broader FTSE All-Share Index and Ireland’s ISEQ Index also declined.
FTSE announced a quarterly reshuffle of its indexes, with changes effective March 21. Aberdeen Asset Management Plc is among the companies that will be removed from the FTSE 100, and Wm Morrison Supermarkets Plc among those that will get added. Both climbed on Thursday.
Among other stocks moving on corporate news, Imperial Brands Plc declined 2.2 percent after Goldman Sachs Group Inc. cut its rating on the shares to a hold from buy. GlaxoSmithKline Plc and Hikma Pharmaceuticals Plc slid amid a broader selloff in Europe’s health-care companies. Travis Perkins Plc gained 3 percent after posting an increase in sales.