Britain’s Shares Drop for 2nd Day as Homebuilders, Miners Fallby
U.K. stocks dropped for a second day, moving further away from the one-month high reached at the end of last week.
Wolseley Plc lost 5.5 percent after saying recent revenue growth trends have been weaker. J Sainsbury Plc declined 4.3 percent as the grocer’s market share fell the most in more than a year. Housebuilders Taylor Wimpey Plc and Barratt Developments Plc fell more than 3 percent as the Nationwide Building Society said U.K. housing activity may cool in the coming months. Rio Tinto Group dragged a gauge of miners to an almost two-month low.
The FTSE 100 Index slid 0.6 percent at the close of trading London, taking its two-day decline to 1.3 percent. After a third weekly advance, the gauge closed at its highest level since April 28 on Friday. The broader FTSE All-Share Index and Ireland’s ISEQ Index also fell on Wednesday.