U.K. Stocks Fall, Post Longest Losing Streak Since 2011Trista Kelley
U.K. stocks fell a sixth day, the longest streak since November 2011, before Crimea holds a referendum on whether to leave Ukraine and join Russia.
Bank of Georgia Holdings Plc retreated 7.3 percent as an investor pulled a share sale. J Sainsbury Plc added 2.9 percent, rebounding its its biggest slump since October 2008 yesterday. Boohoo.com Plc rallied 40 percent on the online fashion retailer’s first day of trading.
The FTSE 100 Index slid 25.89 points, or 0.4 percent, to 6,527.89 at the close of trading in London. The benchmark gauge has declined 2.8 percent this week, the most since June, extending the slide from its 14-year high on Feb. 24 to 4.9 percent. The broader FTSE All-Share Index also lost 0.4 percent today, while Ireland’s ISEQ Index fell 1.8 percent.
Clashes in eastern Ukraine late yesterday killed one person, according to the state administration in the city of Donetsk. Russian Foreign Minister Sergei Lavrov said the nation has no plans to invade eastern Ukraine, following talks with U.S. Secretary of State John Kerry before Crimea’s vote on Sunday. The Group of Seven nations have said they will not recognize the outcome of the plebiscite.
Bank of Georgia sank 7.3 percent to 2,193 pence. One of the lender’s investors pulled a stake sale before the start of European trading today because the shareholder wasn’t satisfied with the price, two people with knowledge of the transaction said. Renaissance Capital and Numis Securities Ltd. had offered as many as 1.82 million shares in the lender.
Sainsbury gained 2.9 percent to 313.6 pence, after plunging 8.5 percent yesterday.
Boohoo.com soared 40 percent to 70 pence after raising 300 million pounds ($498 million) in its initial public offering. The own-brand retailer will use part of the proceeds to expand its distribution facilities and improve its IT systems.