U.K. Stocks Slip From Highest Since August as Energy Shares Dropby
Britain’s equities erased an advance, slipping from their highest prices since August.
The FTSE 100 Index fell 0.3 percent at the close of trading in London, reversing a gain of as much as 0.4 percent. Randgold Resources Ltd. led the declines, losing 3.4 percent as the metal slipped. BP Plc and Royal Dutch Shell Plc dropped more than 2.5 percent as oil fell.
The gauge of megacaps slid after climbing for five straight weeks, the longest streak since 2014. It’s become one of the biggest gainers in the developed world this year, helped by a weaker pound following the referendum to leave the European Union. The FTSE 250 Index of mid-cap companies hasn’t fared as well and remains below its level from before the vote. It rose 0.6 percent on Monday, with William Hill Plc jumping as much as 13 percent after the announcement that 888 Holdings Plc and The Rank Group are considering a joint takeover offer for the bookmaker. By the end of the day, the stock pared its advance to 4.9 percent.
Ireland’s ISEQ Index added 0.5 percent, with Ryanair Holdings Plc climbing 6.7 percent as it maintained its profit forecast.