London Report: FTSE nudges down to near month-long low after banks fall
THE UK’S top equity index steadied yesterday after hitting a three-week low, with some investors seeing value in beaten-down stocks, although the market remained vulnerable to further declines in the near term.
The blue-chip FTSE 100 index closed 0.06 per cent lower at 6,685.52 points after falling to 6,660.59, its lowest since the middle of February.
It fell in the previous two sessions on lingering tensions between Ukraine and Russia and on concerns about China’s economic growth. Banks came under pressure, with the banking index falling 0.5 per cent, dragged down by a three per cent drop in Royal Bank of Scotland and a 2.4 per cent slide in Barclays.
Reckitt Benckiser rose 2.3 per cent in anticipation of a spending spree by the group after analysts said Reckitt had £12bn for future acquisitions.
Basic resources stocks remained weak, continuing to be dragged down by concerns about the pace of growth in top metals consumer China after data over the weekend showed Chinese exports unexpectedly fell in February.