UK shares drop; basic materials put pressure

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Source: Dukascopy Bank SA
UK shares dropped on Thursday amid weak risk appetite after the FOMC meeting minutes showed that the Fed may end its bond-purchases. Capping losses of the UK blue chips, UK public sector net borrowing posted a deficit of GBP9.9 billion last month, compared to forecasts of a GBP11.2 million deficit. The FTSE 100 Index plunged 1.75% to trade at 6,284.01. All industries included in the index fell. The top laggards were technology and basic materials industries. Sage Group slid 2.31%, while Kazakhmys and BHP Billiton moved lower 4.30% and 3.39%. BHP Billiton declined after Citigroup lowered the miner to neutral from buy, claiming the market has already priced in cost reductions and cuts in capital expenditures. Weak oil prices dragged energy stocks lower. BP and Tullow Oil skidded 1.04% and 1.85%. The only gainer was BAE Systems, adding 4.30%, despite posting disappointing results for 2012. BAE Systems rose after announcing a buyback of GBP1 billion over the next three years.
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