FTSE 100 steady but Paddy Power shares hit again

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Paddy Power Betfair shares have had another bad day after the bookmaker said it had suffered from “adverse sports results” in recent months.

On Monday, the company’s shares closed down nearly 5% after it said its chief executive was to stand down.

The shares slid a further 4% on Tuesday after it released half-year results.

While profits were up, growth at its online division was hit by less favourable results and increased spending on promotions.

Paddy Power Betfair was the biggest faller on the FTSE 100, with the index down 2.98 points at 7,528.96 shortly after midday.

Another big faller was Intercontinental Hotels Group, which fell 4% after it reported a slowdown in revenue growth.

The hotel company – which owns brands such as Crowne Plaza, Holiday Inn and InterContinental – said its key measure of revenue per available room grew by 1.5% in the second quarter of the year, down from a rate of 2.7% in the first quarter.

Shares in Standard Life dipped 0.7% after it revealed its flagship GARS (Global Absolute Return Strategies) range of funds had seen net outflows of £5.6bn in the first half of the year.

However, the company reported a 6% rise in operating profits to £362m and said its merger with Aberdeen Asset Management was on track to be completed on 14 August.

In the FTSE 250, Pets at Home shares jumped 6.7% after it reported a 5% rise in first-quarter revenues, helped by strong demand for its veterinary and pet grooming services.

But shares in office provider IWG sank 7% after it reported a 4% drop in half-year pre-tax profits to £80.8m.

On the currency markets, the pound rose 0.05% against the dollar to $1.3024, but slipped 0.1% against the euro to 1.1030 euros.

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