Consumer staples giants slump after Unilever EM profit warning

Consumer staples shares dragged the FTSE 100 into the red this morning after Unilever said profit growth from its emerging markets business would miss expectations.

In a statement released after the market close yesterday evening, Unilever said it expected EM sales growth to come in at 3%-3.5% on the quarter, below expectations of 5%-6.5%. That sent the company's shares down 3.6% to £23.52 this morning, with the warning also prompting a slump in competitors' share prices following a strong run for the sector. SAB Miller fell 2.7% to £30.58, with Reckitt Benckiser dropping 2.3% to £44.16 and Diageo dropping 1.7% to £19.32. Those fallers pushed the FTSE 100 down 0.2% to 6,449. The losses put the index at odds with European peers: France's CAC...