FTSE 100 slips back from record high

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FTSE 100 slips back from record high

  • 20 March 2017
  • From the section Business
Market trader (file picture)Image copyright Getty Images

Banks and energy shares pulled the FTSE 100 index back from Friday's record closing high.

The UK's benchmark share index was down 13.80 points at 7,411.16 index by late morning.

RBS was the biggest faller in the FTSE 100, down 1.7%, while oil giant BP dropped 1.1% as the price of oil declined.

Hikma Pharmaceuticals fell 1.6% after Bank of America Merrill Lynch cut its rating on the company to neutral.

Primark owner Associated British Foods was the biggest riser, up 1.8%, as Goldman Sachs improved its rating on the company to "buy" from "neutral".

Shares in Vodafone were unmoved by news that it had merged its Indian mobile business with Cellular, India's third-largest network. The deal will create India's largest mobile operator. Vodafone's shares inched down 0.2% to 211p.

On the currency markets, the pound rose 0.2% against the dollar to $1.2419 but slipped 0.1% against the euro to 1.1539 euros.