FTSE 100 falls as Sky shares slide

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Market trader (file picture) Image copyright Getty Images

(Noon): The London market fell back, with shares in Sky down nearly 5% after its latest trading update.

Sky shares fell despite it reporting a 12% rise in operating profit to £1.1bn in the nine months to March.

Analysts cited worries about a possible rise in the cost of TV rights to Germany’s Bundesliga as the reason for the fall.

Shortly before midday, the FTSE 100 index was down 39.57 points, or 0.6%, at 6,370.69.

Oil and commodity-related stocks were having another good day, as the price of oil steadied after the International Energy Agency predicted a big fall in output from non-Opec producers this year.

Shares in BP rose 1.3% and mining giant BHP Billiton was 1% higher.

Outside the FTSE 100, Ladbrokes was up 1.9% after the bookmaker said it was “confident” its results would be in line with expectations, despite describing this year’s Cheltenham festival as its “worst in living memory”.

On the currency markets, the pound rose 0.3% against the dollar to $1.4375, and was 0.2% higher against the euro at €1.2712.

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