UK stocks : FTSE 100 sheds 0.6 pct

Nov 27 2012, 02:48 IST
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SummaryBritish blue chip shares fell on Monday.

of gains for only the third time this year.

Trading was modest, at around 80 percent of the FTSE 100's average 90-day daily volume, as investors awaited the outcome of a euro zone meeting to attempt to agree another bailout payment for Greece.

We are seeing a general sense of apathy from investors as the recent rally was built on weak foundations. Despite the abundant optimism that a solution to the U.S. fiscal cliff will be found on time, as we edge closer towards it, nerves and volatility will increase. Savvy investors will no doubt remain on the sidelines, Mike McCudden, head of derivatives at Interactive Investor, said.

U.S. blue chips were down 0.8 percent by London's close, as investors awaited the news on Greece and as negotiations continued in Washington on a deal to avoid the U.S. fiscal cliff of automatic tax increases and government spending cuts, scheduled to come into force on Jan. 1.

Among the minority of blue chip gainers, stocks perceived as more defensive found support, led by the tobacco, utilities and household products sectors, as risk appetite faded.

Real estate firm British Land was also in demand, adding 0.4 percent as UBS upgraded it to buy from neutral.

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