FTSE 100 pulls back from 2016 peaks
On Wednesday, British stocks sagged, taking a breather after hitting their highest outcome this year, with traders waiting for further signals in lackluster trading.
The FTSE 100 tumbled 0.3%, being worth 6,830.52, with all sectors heading south. On Tuesday, the index soared 0.6% at 6,851.30, boasting the best close since June 2015 and a fourth straight win, as FactSet data states.
Smith & Nephew PLC stocks traded at the bottom of the benchmark, losing up to 1.8% after the medical equipment maker’s rating got downgraded to equal weight from overweight at Barclays.
However, stocks of broadcaster ITV PLC ascended by 0.3% after Entertainment One Ltd. , the Canadian film as well as and television producer behind the Peppa Pig cartoon franchise, dared to reject ITV’s $1.3 billion buyout offer.
Meanwhile, crude major Royal Dutch Shell PLC sagged 0.9%, and BP PLC tumbled 0.5% as crude prices demonstrated mixed outcomes. On Tuesday, they rebounded from a two-week peak as traders weighed worries regarding global oversupply against the prospects for an industry agreement to curb crude production.