U.K. Stocks Slide Most in a Week as Supermarkets, Banks Declineby
Declines in companies with domestic exposure dragged the FTSE 100 Index lower for the second time in three days.
Homebuilders extended their slide into a third day amid concern over a property slump after the Brexit vote -- Barratt Developments Plc and Taylor Wimpey Plc lost 4.5 percent or more. Grocers Tesco Plc and Wm Morrison Supermarkets Plc slid at least 7.2 percent after HSBC Holdings Plc downgraded the shares, citing concern about price competition from Wal-Mart Stores Inc.’s Asda chain. Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc fell 6 percent or more.
The FTSE 100 slid 1.3 percent at the close, reversing a gain of as much as 0.5 percent for its biggest slide since June 27. The benchmark gained in five of the past six sessions as exporters benefited from a weaker pound in the aftermath of Britain’s vote to leave the European Union. In dollar terms, the benchmark is still 11 percent below its level on the day of the referendum.
The volume of FTSE 100 shares changing hands was 50 percent higher than the 30-day average. The broader FTSE All-Share Index and Ireland’s ISEQ Index also fell.
Fresnillo Plc and Randgold Resources Ltd., among this year’s biggest gainers, rose at least 4.3 percent as precious-metal prices climbed.