UK stocks: FTSE 100 dives 1% in early trade

LONDON: The FTSE 100 Index retreated along with global equities as investors cut exposure to riskier assets before U.S. payrolls data.

Leading declines was Next Plc, which fell 3.4 percent after Exane BNP Paribas downgraded the stock to neutral. BP Plc fell 2 percent after Bank of America Corp. downgraded the oil company to underperform, the equivalent of a sell rating, citing risks of capital expenditure cuts and dilutive acquisitions.

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Aberdeen Asset Management Plc added 1.2 percent after New Model Adviser reported that the company is in talks to buy fund managing firm Parmenion.

Bwin.Party Digital Entertainment Plc rose 3.4 percent after the gambling company agreed to an offer from GVC Holdings Plc. 888 Holdings Plc, which lost out on its bid for Bwin, slipped 7.7 percent.

The FTSE 100 Index lost 1 percent to 6,134.94 at 8:55 a.m. in London. The broader FTSE All-Share Index fell 0.9 percent today and Ireland’s ISEQ Index also lost 0.7 percent.