BAE Systems leads FTSE 100 lower

Thursday, 27 August 2009 12:00

The FTSE 100 dipped 0.43 per cent to 4,869.35, led by a 5.56 per cent fall in BAE Systems.

Share prices in BAE Systems took a knock after the defence group lost a follow-on contract from the US government to produce vehicles.

A day of mixed corporate results and continued falls in the mining sector also took the FTSE 100 lower.

Drinks giant Diageo followed BAE down on the index after first-half results disappointed investors, dropping by 4.06 per cent.

Miners Xstrata and Lonmin also fell on lower metals prices, down by 4.06 per cent and 3.87 per cent respectively.

Defensives helped support the index, as investors adopted a more cautious attitude.

Smith & Nephew was up by 4.61 per cent, while Centrica rose by 3.01 per cent and GlaxoSmithKline was up by one per cent.

Over in the US, markets were also lower going into afternoon trading. The Dow Jones was down by 0.02 per cent, while the S&P 500 was off by 0.52 per cent.

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