Market overview: WPP slides after trimming revenue guidance
Posted on:
30
Aug
2012
by Polly York
0834: London has opened on the back-foot, with sentiment dented by WPP’s decision to trim its full-year revenue growth forecasts less than four months after it raised them. That does not bode well for the global economy, as the advertising colossus is often seen as a reliable indicator of which way the economic winds are blowing. Mining stocks feature prominently among the blue-chip losers while Antony Jenkins, the new Chief Executive Officer (CEO) of Barclays, will have his joy at moving up from his old post of CEO of Barclays Retail and Banking Business tempered by the realisation that the shares are leading the banking sector lower after the announcement. FTSE 100 is down 14 at 5,730.
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