Britain's FTSE drops

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FSTETrader1234 Reuters. A trader monitors the screen on a trading floor in London.

London - Britain's top share index fell on Wednesday, snapping a three-session rally, weighed down by a fall in the value of stocks trading without the attraction of their latest dividend.

Stocks trading ex-dividend accounted for all of the FTSE 100's decline, with falls for AstraZeneca, BP, Royal Dutch Shell and Sage Group knocking a hefty 17.41 points off the index.

The FTSE 100 was down 16.25 points, or 0.3 percent, at 6,322.13 by 10:09 SA time, having risen 1 percent in the previous session to near a level not seen since May 2008.

“We still think that buyers will be looking to add into positions on dips,” Atif Latif, director of trading at Guardian Stockbrokers, said.

Latif reckoned a fall to 6,250, around the bottom of the range seen over the last couple of weeks, will bring fresh buying in, and from there could move back up to 6,534, the high of 2008. - Reuters

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