FTSE 100 erases early gains
31 May 2016
- From the section Business
(Close): The FTSE 100 fell back after opening higher on Tuesday as trading resumed following Monday’s holiday.
London’s blue-chip index was down 40 points, or 0.64%, at 6,230.79 points at close of trading despite Chinese stock markets posting their biggest daily gain for three months.
Dublin-based business support services group DCC was also a gainer, up by 0.48%.
Augustin Eden, analyst at Accendo Markets, said: “The FTSE 100 is still in the midst of sideways consolidation, but with a welcome test of last week’s 6,280 ceiling and a close venture to 6,300.”
On the FTSE 250, Alliance Trust rose 2.46% after RIT Capital Partners made an approach for the investment firm.
RIT confirmed talks on Tuesday, saying a merger possibility was at “a very preliminary stage of consideration”. Shares in RIT fell 2.41%.
In the commodities markets, Brent crude was up 0.18% $49.85.