London’s leading shares index fell back from Friday’s six-month high today as euphoria over efforts to re-energise the US economy began to fade.
Following the US Federal Reserve’s multibillion dollar stimulus package at the end of last week, attention turned to more uncertainty over Chinese economic prospects as the FTSE 100 Index slipped 22 points to 5,893.5.
Evraz was the biggest top flight faller, off 9.7p to £2.84, while Anglo American declined 47.5p to 2036.5p, as miners retreated following Friday’s rally.
Royal Bank of Scotland shares have risen by more than 20% so far this month but the rally came to a halt today after Investec Securities downgraded the state-controlled lender to sell from hold. RBS shares were 4.6p lower at 274.4p, a drop of nearly 2%.
Vodafone shares were also under pressure amid signs it will make a provision worth £1.3billion against Indian tax liabilitie Shares were off 2.2p at 173.7p.
There was further pressure on fashion house Burberry despite hopes that London Fashion Week will help to restore some of the sparkle seen in the stock prior to its surprise profits warning last week.
Shares set a new high earlier in the summer but fell by more than 20% last week and were down 2%, or 19p to £10.75 in trading today.
Reckitt Benckiser rose 8p to £35.80 after the Cillit Bang and Nurofen owner announced that Liz Doherty will be stepping down as chief financial officer, to be replaced by Smith and Nephew’s Adrian Hennah.
Shares in JJB Sports continued to reflect expectations that all hope has been lost for investors following the company’s downward spiral.
With Sports Direct International expected to take its pick of the best stores in a pre-pack administration, JJB shares were 0.1p lower at 0.3p.
Stuart Lamont, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted Xcite Energy up 6.2% to £1.33, Faroe Petroleum climbing 1% to 155.25p and Premier Oil gaining 0.7% to 384.1p.
FirstGroup fell 2.7% to 253.8p, Wood Group was off 2% at 842.75p and SSE gave up 1.3% to £13.82.