LONDON MARKETS: FTSE 100 Breaks 3-day Winning Streak; Miners Fall

Date : 11/19/2013 @ 6:36AM
Source : Dow Jones News
Stock : BP P.L.C. (BP)
Quote : 38.75  0.0 (0.00%) @ 7:13PM

LONDON MARKETS: FTSE 100 Breaks 3-day Winning Streak; Miners Fall

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By Sara Sjolin, MarketWatch

LONDON (MarketWatch) -- The U.K.'s FTSE 100 index declined on Tuesday as investors paused for breath after a three-day rally, with resource firms and banks leading the charge south.

The FTSE 100 index lost 0.6% to 6,680.78, erasing a 0.5% gain from Monday.

Shares of Intertek Group PLC gave up 4.2% after the product-testing and certification company said it will buy Architectural Testing Inc. for $95 million.

Aberdeen Asset Management PLC slipped 2.6% after surging 15% on Monday, when Lloyds Banking Group PLC (LYG) said it is selling its asset-management business Scottish Widows Investment Partnership Group Ltd. to the U.K. investment manager.

Among sectors on the move, miners were on the decline as metals prices traded mixed. Shares of Anglo American PLC dropped 1.8%, Rio Tinto PLC (RIO) gave up 1.5%, Glencore Xstrata PLC (GLCNF) slipped 1.3%, and BHP Billiton PLC (BHP) fell 1.2%.

Oil firms were also among the losers, tracking oil prices lower. BG Group PLC erased 1.2%, BP PLC (BP) lost 0.7%, and Royal Dutch Shell PLC (RDSB) eased 0.6%.

Banks were lower after being among the risers on Monday. Shares of Standard Chartered PLC dropped 1.6%, Lloyds Banking Group PLC (LYG) gave up 1.4%, and sector heavyweight HSBC Holdings PLC (HSBC) slipped 0.5%.

Bucking the negative trend in London, shares of EasyJet PLC jumped 6.4% after the budget airliner posted a 51% rise in fiscal 2013 pretax profit, driven by a 11% increase in revenue. It warned, however, that the situation in Egypt, coupled with a later Easter next year, would reduce fiscal first-half revenue per seat.

Outside the major index in London, shares of Thomas Cook Group PLC climbed 3.6% after the travel agent said it sold the majority of its interests in The Airline Group Ltd., a shareholder in U.K. Air Traffic controller NATS Holdings Ltd., for 38 million pounds ($61.20 million) in cash.

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