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Stagecoach stumbles as markets cool

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Train and bus operator Stagecoach was London’s biggest faller after it reported a plunge in annual profits.The FTSE 250-listed firm saw its share price drop 9.4% after pre-tax profit fell from £104.4m to £17.9m.Overall, the FTSE 250 was 0.16% lower at 19,496.54, while the 100-share index was down 0.03% at 7,432.29.On the currency markets, the pound was up 0.08% against the dollar at $1.2824 and 0.17% lower against the euro at 1.1285 euros.Bucking the downward trend, outsourcing firm Bunzl was up 3.6%, making it the biggest riser on the FTSE 100, after it predicted a 7% rise in half-year profits thanks to new business in the US.Dixons Carphone started the day strongly after reporting record annual profits, but gave up all its gains and was down 0.03% by lunchtime.The firm, formed through a merger of Dixons and Carphone Warehouse in 2014, said income rose by 10% to £501m.
Source: BBC