30/01/14 Market Movements
The FTSE 100 closed down 5.38 points at 6,538.45 as the troubles in emerging markets hit one of the FTSE 100’s key constituents.
Diageo, which represents the 8th largest holding on the FTSE 100 (by index weight) announced it plans to cut costs by £200m a year until 2017 as a result of weaker than expected sales in key emerging markets such as China.
As a result of the announcement, the world’s biggest distilled-spirits company saw its share price drop 4.71% to close at 1,820p.
CAT stock is currently up 2.09% at $92.05.