U.K. Stocks Decline as Health-Care Companies Lead LossesSofia Horta e Costa
U.K. stocks dropped as a decline in health-care stocks weighed on the FTSE 100 Index.
The FTSE 100 fell 68.07 points, or 1 percent, to 6,495.58 at the close in London. The benchmark gauge has lost 5.6 percent since a high on Sept. 4 amid concern the European Central Bank’s asset-buying plan won’t be enough to revive the region’s economy. The broader FTSE All-Share Index also slipped 1 percent today, while Ireland’s ISEQ Index slumped 2.6 percent.
GlaxoSmithKline Plc, AstraZeneca Plc and Shire Plc slipped at least 1.4 percent as Morgan Stanley downgraded its rating on European health-care stocks, contributing the most to losses on the FTSE 100. Schroders Plc fell 2.3 percent as Bank of America Corp.’s Merrill Lynch recommended selling the shares. Spirent Communications Plc slumped 22 percent after saying lower demand in China and the U.S. will cut into sales and profit.
Rio Tinto added 0.8 percent after rejecting a merger approach from Glencore Plc, paring earlier gains of as much as 6.2 percent after Glencore said it is no longer considering the bid. Cairn Energy Plc climbed 2 percent after finding oil at its offshore well in Senegal.