U.K. blue chips edge lower on declining industrial output in the Eurozone

Source: Dukascopy Bank SA
U.K. stocks tumbled from their highest level in five years as industrial output in the Eurozone dropped more than estimated and borrowing costs rose in the Italy's first bond auction after the nation's credit rating downgrade the last week. The FTSE 100 Index dropped 0.7%, or 46.97 points, to 6,465.16. All but one group in the index declined at least 0.2%. Losses in financial shares were capped by Prudential Plc that jumped 8% to 1,100 pence, the highest price in 12 years, as the insurance company raised  its dividend. J Sainsbury added 1.2%, supporting the consumer goods group that lost 1%. Rolls-Royce Holdings Plc followed with a 1.1% increase, halting further decrease in industrial shares that erased 0.4%. On the downside, Evraz Plc posted biggest losses in the gauge while Kazakhmys Plc extended its drop and lost 4% both triggering a decline in basic materials.


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