Britain's top share index fell on Monday in choppy trade, beginning the second quarter on a weak note as oil-related stocks reversed course to trade lower and banks also weighed.
The blue chip FTSE 100 <.FTSE> index closed 0.6 percent lower at 7,282.69 points as markets traded lower following news that a coalition of U.S. states and municipalities have begun legal action against President Donald Trump's administration over energy efficiency standards.
Oil stocks rallied earlier in the session but gave up gains to end in negative territory as oil prices came under pressure. BP
Likewise British banks also lagged, and took around 13.5 points off the index, the biggest sectoral drag. Barclays
Resources-linked stocks and banks have been the biggest beneficiaries of the reflation trade which has driven global markets as investors bet on increased infrastructure spending and tax cuts, which gathered pace after Trump was elected U.S. President in November.
Among individual fallers, ITV
Late on Friday, ITV jumped following a regulatory ownership filing that fuelled speculation of renewed Liberty Global
ITV's shares pulled back on Monday after Liberum analysts said that it had spoken with the company and ITV had said that the move was not Liberty increasing their stake in ITV.
Retailer Next
Luxury firm Burberry
"It’s maybe one of those signature deals which could raise expectations of a new way of doing business, a new extra source of revenue beyond the traditional model," Jasper Lawler, senior market analyst at London Capital Group, said.
Outside of the blue chips, Imagination Technologies
"It’s the worst nightmare for Imagination. Apple accounts for about half its revenues – you simply cannot easily replace a customer of that scale in a hurry, hence the gigantic selloff in the stock," Neil Wilson, senior market analyst at ETX Capital, said.. - Reuters
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