LONDON: A run at fresh record high for U.K.’s blue-chip stocks fell short Tuesday, with utility shares among those finishing lower in the wake of a downgrade for the parent company of British Gas.
The FTSE 100 UKX, -0.26% fell 0.3% to 7,019.68, driven into the red shortly before the session closed. Energy and mining shares finished lower, with iron ore producer Rio Tinto PLC RIO, -1.99% losing 2%.
Also among the worst performers were shares of Associated British Foods PLC ABF, -2.86% They fell 2.9% as Credit Suisse cited continued weakness in the euro as reason for cutting its earnings estimates for ABF by 3% this year, and by 8% next year. ABF is behind the Primark retail chain and runs sugar operations.
The FTSE 100 had earlier been in record territory, led by the consumer-goods and services sectors as inflation data appeared encouraging for the prospects of spending by British consumers. The index on Monday notched a record high at 7,037.67.
Travel-related shares ended mostly higher on Tuesday. British Airways parent company International Consolidated Airlines Group PLC IAG, +3.63% rose 3.6% and EasyJet PLC EZJ, +0.86% tacked on 0.9%.
