Britain's biggest shares slipped to their lowest levels in over a week on Wednesday, with retailers down after GUS issued a cautious forecast for the UK and as miners eased from recent gains.
BHP Billiton lost 4 per cent and Antofagasta dropped 2.5 per cent, mirroring a softening in copper and zinc prices after both metals rushed to record highs a day earlier.
The London Stock Exchange was a standout gainer, surging 14 per cent to the top of the mid-cap leaderboard after the Nasdaq Stock Market became the LSE's biggest shareholder. Analysts said the move could herald a full takeover of the LSE.
The FTSE 100 was down 38.4 points at 5,978.1 by 0956 GMT, near a session trough of 5,974.5 points, its lowest level since April 3. The drop marked a second losing session for the blue-chip index, taking it further away from recent 5-year highs. Analysts said investors were booking profits before most European stock markets close on Friday and Monday for the Easter holiday.
Further bid activity might then drive share prices higher.
Retailer GUS was among the heaviest FTSE fallers, down 3 per cent as worsening sales at its DIY unit Homebase outweighed a strong performance from its credit checking unit Experian. The group's chief executive said he remained cautious on the outlook for UK retailing, especially in the do-it-yourself sector. Those concerns filtered through to others in the sector, including Kingfisher, down 2 per cent, and Travis Perkins, off 1.2 per cent.
