London's FTSE 100 slumped early as a profit warning from housebuilder Vistry plus falls by the miners offset gains at cigarette maker Imperial.
The Footsie dropped 79 points to 8,224 with Vistry down by a third on a warning profits will be lower than expected for the next three years. A £115 million costing error across nine housing developments at its South division is to blame.
Water utilities meanwhile have been ordered to return almost £158 million to customers due to poor performances on issues such as pollution. Regulator Ofwat said pollution incidences had increased in nine of the 13 water companies in 2023.
There was better news from Imperial Brands, which is increasing its shareholder handout after lower losses at its vapes and nicotine pouches business. The tobacco group said buybacks would be £2.8 billion in the year ahead, up from £2.4 billion this year.
Finally, Vodafone and Google have signed a billion-dollar-plus, 10-year strategic partnership to provide AI services across Europe and Africa.
