LONDON -- The FTSE 100
But there are plenty of individual shares prices in the move right now. Here are three names that are on the way down today and look set to lag the FTSE:
Falkland Oil & Gas
The shock fall of the day comes from Falkland Oil & Gas, which saw a devastating 46% knocked off its market value. The reason? The firm's exploratory Scotia Well near the Falkland Islands has produced poor-quality results and is to be plugged and abandoned.
The news was so bad that the value of the company is now less than the amount of cash it has on its books. Does that make the share a bargain? Well, that's for you to decide.
Mitchells & Butlers
Shares in restaurant and pub operator Mitchells & Butlers dropped 6% to 311 pence after the publication of the company's annual results. The firm reported like-for-like sales growth of 2% for the year and a 3% rise in total revenue to 1.9 billion pounds. But a weak start to the new year, with like-for-like sales flat for the first eight weeks, disappointed shareholders.
Rising food prices and escalating alcohol duties are expected to hold back business as the year progresses. Still, adjusted earnings per share did rise by 6% to 30.5 pence. But there is no return to dividends yet, and the firm will need to consider next year's pension fund valuation before deciding whether cash flow is sufficient.
Findel dropped 12% to 7.4 pence per share today as a recovery that led to a tripling of the share price this year turned abruptly downward. The home-shopping specialist, which also provides educational supplies, is still progressing with its turnaround, but clearly the market was expecting more at the half-year stage.
For the six months to Sept. 28, revenue was lifted by 8% to 275 million pounds, and the firm's pre-exceptional pre-tax loss fell from 5.6 million pounds to 4.6 million pounds.
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