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FTSE 100 Marginally Lower As Sage Issues Profit Warning

U.K. shares were marginally lower on Friday as the oil price rally stalled, the pound continued to strengthen and accountancy software firm cut its full-year forecast for revenue growth after a disappointing first-half.

With geopolitical concerns easing somewhat, investors awaited earnings reports from JPMorgan Chase & Co, Citigroup and Wells Fargo & Co. for further direction.

The benchmark FTSE 100 was marginally lower at 7,254 in late opening deals after closing marginally higher in the previous session.

BT shares advanced 1.2 percent. According to the Financial Times, the BT Pension Scheme is selling its majority stake in asset manager Hermes.

Micro Focus jumped 5.4 percent on a Bloomberg report that hedge fund Elliott Management has taken a stake in the software firm.

Rolls Royce Holdings dropped 1.6 percent. In an update on certain Trent 1000 engine in-service issues, the company said that it has decided to carry out additional engine inspections to those previously planned.

Sage Group fell more than 12 percent as its first-half organic revenue growth came in below expectations.

Hammerson shares plunged 11 percent after French shopping centre company Klépierre said it does not intend to make a formal offer for the U.K. mall owner.

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