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OKYO Pharma slumps on LSE delisting plans
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Rathbones climbs on Investec's merger deal
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FTSE 100 down 0.5%, FTSE 250 off 0.3%
(Updates prices to market close; adds comment, details)
By Johann M Cherian and Shristi Achar A
April 4 (Reuters) - London's FTSE 100 ended lower on
Tuesday, a day after hitting a three-week high, bogged down by a
stronger pound and weakness in the shares of oil majors.
The internationally focussed FTSE 100 fell 0.5%,
snapping a six-day winning streak, as the pound rose
0.7% after touching its highest levels since June. BP Plc and Shell Plc fell 1.0% and 1.9%
respectively, despite rising oil prices, while industrial goods , down 0.8%, also weighed on the FTSE 100. "One of the worst sectors right now is energy, which was
certainly a big winner yesterday. We are seeing a little profit
taking there," said Steve Sosnick, chief strategist at
Interactive Brokers.
Precious metal miners were a bright spot, up 1.6% as spot gold prices gained on weaker U.S. job openings data. The domestically oriented FTSE 250 shed 0.3%.
Both FTSE indexes ended the first quarter with gains. However, a recent spike in oil prices and signs of U.S. economic weakness and uncertainty about further monetary tightening have weighed on sentiment. Bank of England Chief Economist Huw Pill said the central bank still cannot be sure that it has raised interest rates enough to tame inflation. Rathbones Group Plc advanced 1.8% as the wealth manager said it had agreed to buy the UK wealth business of Investec Plc in an all-share deal valued at 839 million pounds ($1.04 billion). Shares of Investec climbed 1.6%.
Saga Plc plunged 16.5% after the holiday group noted that its insurance unit — which includes its underwriting arm whose potential sale to Australia's Open was terminated last month — has been battling high claims inflation. Among other major movers, OKYO Pharma Ltd dropped 14.6% after the bio-pharmaceutical company said it plans to delist from the London Stock Exchange next month, citing tepid trading volumes and low valuations. "U.S.-listed stocks have a higher valuation and they could probably get better shareholder value there," said Michael Hewson, chief market analyst at CMC Markets. (Reporting by Johann M Cherian and Shristi Achar A in Bengaluru; Editing by Subhranshu Sahu, Shailesh Kuber and Richard Chang)
Shristi.AcharA@thomsonreuters.com;))UK hot stocks: and Wall Street: Gilts report: Euro bond report Pan European stock report: Tokyo stocks: HK stocks: Sterling report: Dollar report:
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