FTSE 100 lower as Paddy Power slides

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AFP

London's stock market opened lower with Paddy Power Betfair suffering after it said revenues had been affected by a run of "customer friendly" results.

The bookmarker said football results in December and Donald Trump's surprise US election win had cost it about £40m in the final quarter of 2016.

Shares in the company were down 1.8% in early trade, making it one of the biggest fallers on the FTSE 100.

The UK's benchmark share index was down 63.57 points, or 0.9%, at 7,134.87.

Shares in Bovis Homes rose 3.5% following a report that a key shareholder in the housebuilder has written to rival Berkeley about the possibility of a merger.

On the currency markets, the pound rose 0.5% against the dollar to $1.2441, and climbed 0.2% against the euro to 1.1587 euros.

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