Most U.K. stocks retreated following four successive weeks of advances for the benchmark FTSE 100 Index. (UKX)
GlaxoSmithKline Plc (GSK) was the biggest drag on the benchmark measure after an executive said some employees may have broken the law in China. Bumi (BUMI) Plc tumbled 8.6 percent after the coal producer at the center of an ownership dispute ended a three-month halt in London trading. Fresnillo Plc and Randgold Resources Ltd. each added at least 3 percent as gold and silver rallied for a third day.
The FTSE 100 Index dropped 7.5 points, or 0.1 percent, to 6,623.17 in London, as two shares fell for every one that rose. The gauge advanced 1.3 percent last week as Federal Reserve Chairman Ben S. Bernanke said the central bank remains flexible on when to reduce its asset purchases. The FTSE All-Share Index slid less than 0.1 percent today, while Ireland’s ISEQ Index added less than 0.1 percent.
“There’s some hesitation before we get a wealth of data this week,” Ishaq Siddiqi, market strategist at ETX Capital in London, said by telephone. “The miners are being supported by a tick up in gold prices.” He said, “We’re paying more attention to what’s happening on the corporate front.”
The volume of shares changing hands in companies on the FTSE 100 was 31 percent less than the 30-day average, data compiled by Bloomberg showed.
Fourteen companies listed on the FTSE 100 companies will report earnings this week. The list includes ARM Holdings Plc and GlaxoSmithKline on July 24, Unilever on July 25 and British Sky Broadcasting Group Plc on July 26.
GlaxoSmithKline Plc (GSK) was the biggest drag on the benchmark measure after an executive said some employees may have broken the law in China. Bumi (BUMI) Plc tumbled 8.6 percent after the coal producer at the center of an ownership dispute ended a three-month halt in London trading. Fresnillo Plc and Randgold Resources Ltd. each added at least 3 percent as gold and silver rallied for a third day.
The FTSE 100 Index dropped 7.5 points, or 0.1 percent, to 6,623.17 in London, as two shares fell for every one that rose. The gauge advanced 1.3 percent last week as Federal Reserve Chairman Ben S. Bernanke said the central bank remains flexible on when to reduce its asset purchases. The FTSE All-Share Index slid less than 0.1 percent today, while Ireland’s ISEQ Index added less than 0.1 percent.
“There’s some hesitation before we get a wealth of data this week,” Ishaq Siddiqi, market strategist at ETX Capital in London, said by telephone. “The miners are being supported by a tick up in gold prices.” He said, “We’re paying more attention to what’s happening on the corporate front.”
The volume of shares changing hands in companies on the FTSE 100 was 31 percent less than the 30-day average, data compiled by Bloomberg showed.
Fourteen companies listed on the FTSE 100 companies will report earnings this week. The list includes ARM Holdings Plc and GlaxoSmithKline on July 24, Unilever on July 25 and British Sky Broadcasting Group Plc on July 26.
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