FTSE 100 ahead as Provident shares dive
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Shares in doorstep lender Provident Financial crashed by 72% on Tuesday as it issued a profit warning.
It says it expects to make losses of £80m to £120m as its debt collection rates have dropped to 57% compared with a previous rate of 90% in 2016.
Shortly before midday the FTSE 100 was up 46 points, or 0.63%, at 7,365.28.
Biggest gainer was grocer Tesco, up 3.59%. Miners Antofagasta, Rio Tinto and BHP Billiton were up by 2.78, 2.47%, and 2.82% respectively.
Other losers included Intercontinental Hotels Group, Convatec Group, and J Sainsbury.
On the currency markets, the pound was down 0.57% against the dollar at $1.2826 and 0.05% lower against the euro at 1.0913 euros.
