Blue-chip shares slipped back again today as the FTSE 100 Index continued its retreat from near-record highs.
Traders continued to take profits after a 14% rise in the index in the year to date as the top flight slipped another 42.4 points to 6,654.3.
In London, fashion retailer Next was one of the biggest fallers in the top flight after broker Morgan Stanley downgraded the stock in the wake of a “fantastic decade”. Next shares were £1.11 lower at £45.80.
In a quiet session for updates, airport security scanners and medical devices firm Smiths neared the top of the risers board with a gain of 20p to £13.55. This was after it reported underlying sales growth across all its divisions in the first nine months of its financial year, keeping it on track to meet City forecasts.
The banking sector was under pressure despite broker UBS raising its outlook due to a pick up in mortgage lending and recent comments from the state-backed players that they are able to tackle their capital shortfalls.
Shares in Royal Bank of Scotland and Lloyds Banking Group have made strong progress recently but were down by 10.2p to £3.27 and 0.5p to 60.1p respectively amid the market’s overall lacklustre performance.
Elsewhere in the sector, Barclays was off 4.4p to £3.17 and HSBC slipped 2% or 15.8p to £7.26 on the day of its annual meeting in London.
The biggest risers on the FTSE 100 included Shire, ahead 34p at £21.68, Severn Trent up 29p at £20.71 and Imperial Tobacco rising 29p to £24.07.
Among the biggest fallers on the FTSE 100 were Eurasian Natural Resources, down 10.7p to 254.8p and Polymetal International behind 16.5p to 648.5p.
Barry Shepherd, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted Parkmead Group up 5.1% to 12.875p, Faroe Petroleum 1.6% higher at 113.125p and Aberdeen Asset Management which edged up 0.9% to 479.1p.
Among the day’s fallers, FirstGroup dropped 5.4% to 127.7p and Bowleven lost 3.1% to 71.125p.
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