Weaker banks and Vodafone push UK stocks lower

LONDON - Weaker financial stocks, coupled with a decline in heavyweight telecoms group Vodafone, pushed Britain’s benchmark share index lower on Friday, although the index remained on track to record its seventh straight week of gains.

By (Reuters)

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Published: Fri 20 Jul 2012, 1:51 PM

Last updated: Tue 7 Apr 2015, 12:54 PM

The blue-chip FTSE 100 index fell 18.1 points, or 0.3 percent, to 5,696.09 points in early morning trade - dipping below the key 5,700 point technical level and easing back after a 0.5 percent gain on Thursday.

Vodafone fell 1.3 percent to after the world’s largest mobile operator by revenue posted a sharp decline in organic growth during the first quarter.

Banks were the biggest sectorial drag on the blue chips with traders also citing persistent worries over Spain’s economic problems and the broader euro zone sovereign debt crisis as another factor weighing on the stock market.

“I do see profit taking coming in sooner rather than later. I don’t see how the UK and European markets can keep ignoring Spanish bond yields at above seven percent,” said JN Financial senior trader Adrian Redmond.


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