UK stocks move lower on US fiscal worries

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Source: Dukascopy Bank SA
© Scanpix/Reuters
UK shares dipped on Wednesday on concerns over upcoming US fiscal cliff. Moreover, weakness in the US and Asian stocks pushed European shares lower. However, upbeat US data coupled with recent positive UK GDP reading restricted the downward trend. The FTSE 100 Index sagged 0.19% to trade at 5,788.63. Four in ten sectors climbed. On the upside, United Utilities Group soared 2.47% after reporting an increase in pretax profit for six months ended September 30. The company also added that it is on track to comply with regulatory targets. BP also was bullish, climbing 0.13% after it decided to sell its stake in a number of North Sea oil and gas fields to TAQA for USD1.058 billion plus future payments. At the same time, utilities and financials were the top-losers. National Grid and Pennon Group dropped 0.07% and 0.66%. Shares of Lloyds Banking Group and Standard Chartered slumped 1.85% and 0.94%. Smith & Nephew slid 0.91% after announcing that it agreed to buy Healthpoint Biotherapeutics for USD728 million in cash.


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Wed, 28 Nov 2012 17:08:18 GMT

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