London’s leading shares index ended the week moving further away from the elusive 6,000 mark today as it fell into the red on concerns over the US fiscal cliff.
The FTSE 100 Index closed 7.9 points lower at 5,921.8 after Speaker John Boehner said on Thursday night that President Barack Obama’s budget proposals were not balanced.
Among London’s risers, China-focused luxury goods group Burberry lifted 2p to £12.64 after Morgan Stanley maintained its £13 a share target for the blue-chip stock.
Infrastructure stocks were also doing well with United Utilities up 2p to 703p, South West Water owner Pennon up 4p to 624.5p and power generation firm SSE ahead 11p to £14.44, a rise of nearly 1%.
In a quiet session for corporate news, suitwear specialist Moss Bros climbed by more than 1% after reporting like-for-like sales growth of 3.7% for the 19 weeks to December 8. Shares were 1.3p higher at 59.3p.
There was a similar improvement from Laura Ashley as the fashion and home furnishings chain said like-for-like sales improved by 4.9% in the 19 weeks to December 8. The company’s shares lifted 0.25p to 27p.
The biggest FTSE 100 risers were Polymetal International up 26p at £11.75, Kazakhmys ahead at 14p at 758p, Experian up 16p at £10.15 and Rio Tinto ahead 51.5p at £33.90.
The biggest FTSE 100 fallers were Prudential down 17.5p at 881p, Anglo American off 30.5p at 1,826.5p, Weir Group down 29p at £18.07 and Admiral Group off 18p at £11.35.
Alan Cockburn, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted that Faroe Petroleum added 1.29% to 136.375p and Parkmead moved 1% higher to 13.125p.
Laggards included EnQuest down 2.04% to 115.7p, Premier Oil shed 0.95% to 323.55p and Aggreko closed 0.89% lower at £21.25.