FTSE slips for seventh day in-a-row
London shares chalked up their seventh consecutive day of losses today amid poor performances from a clutch of blue-chip stocks.
The FTSE 100 Index finished the session well below the 4400 mark, standing 12.3 points down at 4358.4 – its lowest level in three months.
Big drug companies were among front line stocks dragging the Footsie down after a broker kept its sell recommendation on AstraZeneca, which fell 47p to 2387p. Rival GlaxoSmithKline was also in the red, losing 12p to 1083p.
Recent weaker-than-expected jobs data in the US also continued to affect equities, with a survey showing analysts scaling back expectations for the US economy.
Marks & Spencer ended the day third in the list of Footsie risers, up more than 2% after tycoon Philip Green unveiled an improved proposal worth £9.1 billion for the retailer.
Despite the gain of 8.25p to 368.25p, M&S shares were still below the 400p being offered by Mr Green, reflecting the view of analysts that he still has much to do to win the support of the M&S board for his bid.
The day’s biggest Footsie winners were Man Group, up 109p to 1465p, Compass Group ahead 10.25p to 342.25p, Marks & Spencer rising 8.25p to 368.25p and Antofagasta lifting 20.5p to 970p.
The biggest losers were GUS, down 19p to 812.5p, BG Group off 7.75p to 332.5p, Sage Group falling 4p to 173.75p and Imperial Tobacco dropping 25p to 1164p.
