Business

Inmarsat leads FTSE 100 lower

Market trader (file picture) Image copyright Getty Images

(Close): Shares in London closed with modest losses, but the FTSE 100 ended above the lowest levels for the day.

The FTSE 100 closed 0.3% lower at 6,136, having fallen to 6,122 earlier.

The biggest faller was satellite operator Inmarsat. Shares fell 4% after analysts at Morgan Stanley cut their rating of the company's shares.

Earlier this year it issued a profit warning and shares have fallen by more than 30% this year, leaving the firm facing relegation from the FTSE 100.

Sports Direct was one of the biggest losers on the FTSE 250. Shares slumped 4% after Goldman Sachs changed its view on its shares from buy to neutral.

Shares in the insurer Legal and General fell 0.2% after it agreed to buy a £3bn annuity portfolio from Dutch rival Aegon.

The Dutch firm is gradually pulling out of the UK in order to focus on other parts of its business.

On the currency markets, the pound edged down by 0.14% against the dollar to $1.447, and was just 0.06% lower against the euro at €1.2909.