U.K. stocks erased an earlier rally to fall for a third day, as declining shares of BP Plc and Aberdeen Asset Management Plc weighed on the FTSE 100 Index.
BP slumped for a seventh day, it’s longest losing streak this year, tracking oil-and-gas stocks on the Stoxx Europe 600 Index lower. Aberdeen retreated 7.6 percent after reporting about $15.5 billion of quarterly net outflows.
Pearson Plc rose 2.1 percent after Nikkei Inc. agreed to acquire the FT Group, which owns the Financial Times newspaper. Unilever, the maker of Hellmann’s mayonnaise, added 2.1 percent after reporting quarterly sales growth that beat estimates. Shire Plc swung from an earlier decline to add 3.2 percent after lifting its full-year forecast and after Cowen & Co. recommended buying the stock.
The FTSE 100 fell 0.2 percent to 6,655.01 at the close in London, after earlier climbing as much as 0.6 percent. The FTSE All-Share Index fell 0.2 percent, while Ireland’s ISEQ Index lost less than 0.1 percent.
A report today showed U.K. retail sales unexpectedly declined in June on a wide range of goods including food, furniture, sporting equipment and jewelry.