FTSE Edges Down; Banks, Miners Retreat

LONDON: A retreat in miners and banks offset strength in defensive utilities and food retailers, pushing Britain's leading shares 0.7 per cent lower on Tuesday, ending four consecutive sessions of gains.

The FTSE 100 closed 36.74 points lower at 5,345.93, giving back some gains from the previous session when shares hit a 14-month closing high. Mining stocks were under pressure as metals prices fell off their recent highs after the dollar recovered from previous losses. Anglo American, Eurasian Natural Resources, Lonmin and Xstrata shed 1.6 to 3.3 per cent.

"Today we're seeing a bit of a realisation that yesterday we may have gone a bit too far," said Angus Campbell, head of sales at Capital Spreads. The UK benchmark broke through the 5,300 level on Monday for the first time since September 2008, and has so far regained 55 per cent since hitting a low in March. "...confidence is very much apparent but we have to see whether these levels can be sustained," Campbell said.