U.K. Stocks Decline Third Day as Banks, Commodity Companies Dropby
U.K. stocks fell for a third day amid lingering investor anxiety about global growth after Friday’s rout.
Vedanta Resources Plc tumbled 8.7 percent, leading a gauge of mining-related companies lower. Royal Bank of Scotland Group Plc slipped 1.6 percent to its lowest price since 2012 amid investor concern that a projected ninth consecutive full-year loss in 2016 could undermine efforts to reinstate dividend payments. Ophir Energy Plc and Tullow Oil Plc posted the biggest declines on a measure of U.K energy stocks.
The FTSE 100 Index retreated 0.4 percent to 5,779.92 at the close of trading in London after rising as much as 0.8 percent and falling 0.7 percent. The equity gauge erased gains as energy-related companies and commodity producers gave up early progress.
The index has lost 7.4 percent since the start of the year amid concern a currency and stock market rout in China will hurt global growth. It is trading at about 14.3 times projected earnings, its lowest level in more than a year. The broader FTSE All-Share Index lost 0.6 percent today, and Ireland’s ISEQ Index also slipped 0.6 percent.