FTSE flat as Burberry shares fall again

Getty Images

Shares of Burberry fell again, a day after the luxury fashion group unveiled plans to move further upmarket.

After the fall of 10% on Thursday, slipped 3% in early trade.

That made Burberry the biggest faller in the FTSE 100 index, but the benchmark share index was little changed, up 1.66 points at 7,482.44.

In the FTSE 250, Ultra Electronics dived 8% after the defense company said a decision on the purchase of the u.s. firm Sparton was going to be delayed.

Ultra Electronics announced in July that it would buy Sparton, which makes anti-submarine devices, for $234m.

However, said in September that the U.S. Department of Justice had asked for more information, and it is now expected that the department to make a decision at the end of March.

In the currency markets, the pound was unchanged against the dollar at $1.3147 and it was also flat against the euro at € 1.1292.