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FTSE 100 dips ahead of rate decision

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The market edged lower in early trade as investors prepared themselves for the latest Bank of England decision on interest rates.The Bank is widely expected to raise rates to 0.5% from 0.25%, the first increase for a decade.The benchmark FTSE 100 share index was down 6.87 points at 7,481.09.Gold miner Randgold was biggest faller in the index, down 6% after it reported lower output and profits for the third quarter.Gold production fell 9% from the previous quarter while profits were down 41% to $60.2m.Shares in Morrisons fell 1.2%, despite the UK’s fourth largest supermarket chain reporting its eighth straight quarter of sales growth.Like-for-like sales grew 2.5% in the third quarter, down slightly from 2.6% in the previous three-month period.In the FTSE 250 shares in Playtech dived 20% after the gambling technology company issued a profit warning.Playtech said a slowdown in Asia and issues with its Sun Bingo contract meant that the group’s “performance for the full year will be around 5% below the bottom end of market expectations”.But Howden Joinery was having a better day after it said trading in recent months had been “good” with total revenue up 8.2% in the 20 weeks to 28 October. Shares in the company were up 8%.On the currency markets, the pound was unchanged against the dollar at $1.3246 and was also flat against the euro at €1.1394.
Source: BBC