UK-listed gas company BG drops 4.1 percent, the top FTSE 100 faller, after saying that project delays in Egypt and Norway would hit nextyear's output.
The gas firm also falls to the foot of the pan-European FTSEurofirst 300, dropping to a two-week low after announcing a reduction in 2014production that is equivalent to around 5 percent of this year's expectedoutput.
BG, Britain's 12th largest listed company by market capitalisation, knocks 7points off the FTSE 100.
"[This is] an unhelpful update, and next year's earnings will be hit,"Andrew Whittock, analyst at Liberum Capital, said in a trading note, maintaininga "hold" rating on the stock.
Thomson Reuters StarMine shows that top analysts are expecting BG to missconsensus forecasts by 9.7 percent next quarter - where the data reflects thesituation up until Friday's close - and the company also looks relativelyexpensive compared to other energy stocks.
BG trades at a SmartEstimate 12-month forward price to earnings of 14.5,meaning it trades at a premium to peers such as BP and Royal Dutch Shell, according to StarMine data.
Reuters messaging rm://alistair.smout.thomsonreuters.com@reuters.net
BP (BP.)
