Burberry shares took a hammering today after the luxury goods group warned that increasingly challenging trading conditions will leave full-year profits at the lower end of market expectations.
The blue-chip company slumped 17% or 242p to 1133p, wiping £1 billion from its market value and leaving the stock at its lowest point this year.
The surprise warning did little for confidence in the overall market, with the FTSE 100 Index down 18.6 points at 5774.5 as investors switched out of riskier commodity stocks and into safer haven assets such as utilities.
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