FTSE 100 pulled back
FTSE 100 pulled back
Tuesday 4th August 2009
The FTSE 100 was down a touch in early trading as defensive stocks dragged traders' enthusiasm, taking the index 0.4 per cent lower to 4,663.88 by 08:05 BST.British Sky Broadcasting led the fall with a 2.84 per cent drop, followed by Imperial Tobacco Group, down by 2.45 per cent and Reckitt Benckiser Group, trading 2.36 per cent lower.
Centrica, down 1.61 per cent, and Unilever, down 1.20 per cent, were among other defensive stocks in the red on the blue-chip index.
A rally in banking stocks helped offset the losses, with Royal Bank of Scotland in front, rising two per cent in early trade.
Investors reacted positively to news RBS has sold its Asian banking operations to ANZ.
Earnings announcements from Barclays and HSBC yesterday also helped boost confidence in the sector. Lloyds Banking Group was up by 2.23 per cent, while Barclays rose 1.69 per cent.
Over in the US, sales growth at Ford helped the Dow Jones close 1.25 per cent higher, while the S&P 500 finished 1.53 per cent up.
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