Home news FTSE 100 edges up but Convatec slumps

FTSE 100 edges up but Convatec slumps

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The London market edged higher as trading got under way but shares in Convatec slumped after the medical technology company cut its revenue growth forecast.Convatec shares dropped 13.6% after it cut its target for full-year organic revenue growth to 1%-2% from its previous estimate of 4%.The company said it had been “severely” affected by supply issues.Despite Convatec’s slide, the FTSE 100 rose 6.67 points to 7,542.11.Shares in GKN slid a further 1.1% after Societe Generale cut its rating on the engineering company to “hold”.On Friday. GKN shares had fallen by nearly 10% after it issued a profit warning.The FTSE 100 was supported by mining shares, which were boosted by positive economic news from China. Among the miners, Rio Tinto, Anglo American, BHP Billiton and Glencore were all up by more than 2%.On the currency markets, the pound rose 0.1% against the dollar to $1.3300 and was 0.4% higher against the euro at €1.1282.
Source: BBC Regional