09/05/14 Market Movements

Market news

The FTSE100 slipped from a 10-week high to close down 24.68 points at 6,814.57 as Petrofac led the decline by plunging 15.2%.

Oil and gas services group Petrofac cut its 2014 profit forecast by 11% due to the poor performance of flagship projects, wiping over £700million off its market value and highlighting the sector’s testing environment.