U.K. stocks were little changed, erasing earlier gains, as Greek lawmakers approved a package of austerity measures necessary to win the next slice of European Union aid.
G4S Plc declined the most in two months after losing a U.K. prison contract. Balfour Beatty Plc sank the most in 14 years as the U.K.’s largest construction company said the outlook for profit margins has faded because of a lack of building work in Britain. BTG Plc jumped 8.1 percent after the drugmaker reported an increase in first-half earnings and revenue. Burberry Group Plc climbed 1.8 percent.
The FTSE 100 Index fell 7.72 points, or 0.1 percent, to 5,783.91 at 3:29 p.m. in London, after earlier climbing as much as 0.6 percent. The gauge fell 1.6 percent yesterday as the European Commission cut its euro-area growth forecast and concern over an impending U.S. fiscal crisis overshadowed the re-election of President Barack Obama. The FTSE All-Share Index dropped 0.1 percent today, while Ireland’s ISEQ fell 0.7 percent.
“Equities posted a small bounce on the open but this has quickly fizzled out as traders remain relatively bearish,” Manoj Ladwa, the head of trading at TJ Markets in London, wrote in an e-mail. “The raft of corporate earnings this morning has done little to lift confidence amongst traders. Now the U.S. election is out of the way, the euro zone seems to be coming back to the forefront with all eyes on Spain.”