U.K. Stocks Retreat as FTSE 100 Halts Eight-Day Winning StreakInyoung Hwang
U.K. stocks fell, sending the FTSE 100 Index lower after an eight-day advance, as energy companies retreated.
Royal Dutch Shell Plc and BG Group Plc lost more than 2 percent as oil extended a five-year low amid speculation that U.S. crude inventories will stay at the highest level since June. HSBC Holdings Plc dropped 1.7 percent, contributing the most to the FTSE 100 decline. Next Plc rallied 3.2 percent after reporting sales for the brand that exceeded analysts’ estimates for the period between Oct. 28 and Dec. 24.
The FTSE 100 dropped 86.51 points, or 1.3 percent, to 6,547 at the close of trading in London. The gauge jumped 7.3 percent in the past eight trading days and reached a three-week high yesterday. It’s down 2.6 percent this month, extending an annual decline to 3 percent. The volume of shares on the gauge changing hands today was 50 percent lower than the 30-day average, data compiled by Bloomberg show.
The broader FTSE All-Share Index retreated 1.1 percent today, and Ireland’s ISEQ Index fell 0.3 percent.