By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks slipped Wednesday, a day
after the benchmark FTSE 100 hit an all-time high, with shares of
engineering company Weir Group PLC sliding after a profit
warning.
The FTSE 100 was down 0.2% at 6,936.42. The move came after the
benchmark on Tuesday finished 0.5% higher at 6,949.63, marking the
best close since December 1999
(http://www.marketwatch.com/story/what-the-ftse-100-closing-at-its-highest-level-in-15-years-means-2015-02-24).
On Wednesday, Weir shares fell 6.1%, sinking to the bottom of
the FTSE 100. The maker of equipment for use in the energy industry
said it expects lower profit margins and revenue this year
(http://www.marketwatch.com/story/weir-warns-on-profit-as-commodity-prices-fall-2015-02-25)
as commodity prices have dropped. Full-year profit tumbled to 73.1
million pounds ($113.4 million) from GBP334.9 million, hit by
exceptional items.
"While visibility in oil and gas remains limited, it is clear
that the group's strategic progress and cost initiatives will only
partly offset the impact of a substantial reduction in demand and
the associated pricing pressure," Weir Chief Executive Keith
Cochrane said in a statement.
GKN PLC was also among the session's decliners, with shares
falling 2.5%. On Tuesday, the shares were down 3.2% after the
engineering company said full-year sales and pretax profit
(http://www.marketwatch.com/story/gkn-profit-falls-amid-currency-hit-2015-02-24)
fell because of currency movements.
But topping the benchmark was St. James's Place PLC , with
shares up 5.4% after the wealth manager raised its final dividend
by 50%
(http://www.marketwatch.com/story/st-jamess-place-funds-under-management-up-in-2014-2015-02-25-3485830)
to 14.37 pence. It also said funds under management in 2014 rose to
GBP52 billion pounds, from GBP44.3 billion at the end of 2013.
Stock in Whitbread PLC gained 2.2%, after owner of Costa Coffee
and Premier Inn hotels forecast full-year results will come in
around the top end of expectations.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires