UK shares erase losses on Wednesday

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Source: Dukascopy Bank SA

UK shares rebounded on Wednesday on positive news from the US labour market. US ADP non-farm employment rose more than expected last month. However, weak data from the domestic market limited gains of the UK stocks.UK services PMI fell more than expected last month. Meanwhile, uncertainty over Spain's bailout continued to weight.  The FTSE 100 Index gained 0.17% to trade at 5,819.51. Only four in ten sectors within the index advanced. The top-performers were technology and utility firms. Centrica and National Grid added 1.68% and 0.65%. Lenders also moved higher. HSBC and Royal Bank of Scotland  slumped 1.34% and 1.01%. At the same time, industrials and consumer services sent the UK stock index lower. Bunzl and IMI slid 0.72% and 1.11% while Whitbread dropped 0.22%.

 

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