Fading resource rally takes London lower

London's FTSE 100 made a muted start to the week, unable to hold gains as Friday's risk rally faded, but there were some notable names standing out amid the profit taking.

ITV, the free-to-air commercial broadcaster, was the best single gainer after upbeat broker comment.

Liberum Capital made a significant hike to its price target on the shares to 200p from 155p. The broker also issued a buy rating on the stock, which gained 3.6 per cent and the top of the FTSE 100.

Severn Trent was at the other end of the market after the LongRiver consortium's withdrawal of its £22 per share offer, which valued the issued share capital of the water utility at £5.3bn. Its shares fell 3.7 per cent to £19.93.

Overall, London's main index fell 15 points to 6,396.92. Its loss of 0.2 per cent, eating into the 1.2 per cent rally on Friday, when gains were inspired by robust US jobs data.

Much of the rest of the list of the biggest fallers consisted of resource stocks, after Friday's exuberance faded with the memory of the US non-farm payrolls report.

There were six miners on the list of the biggest fallers. Among them, Anglo American lost 2.1 per cent to £14.32. Antofagasta was 2 per cent weaker at 904p.

© The Financial Times Limited 2013. All rights reserved.
FT and Financial Times are trademarks of the Financial Times Ltd.
Not to be redistributed, copied or modified in any way.
Euro2day.gr is solely responsible for providing this translation and the Financial Times Limited does not accept any liability for the accuracy or quality of the translation