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FTSE 100 down 0.1%, FTSE 250 up 0.1%
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BP and Shell decline as oil drops
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SSE soars on 33 billion pounds investment plan
Nov 12 (Reuters) - London's FTSE 100 index edged lower
on Wednesday after closing at record high levels for two
consecutive sessions, as losses in industrials and energy shares
weighed on the market.
The blue-chip index was down 0.1% at 9,886 points as
of 1214 GMT, but still hovering near record levels and within
striking distance of the 10,000 mark. The mid-cap index FTSE 250
gained 0.1%.
Market sentiment improved earlier this week on hopes of a
U.S. government shutdown resolution.
Investors are now expecting that the U.S. House of
Representatives might soon vote to end the shutdown that has
suspended crucial economic data releases. This resolution would
likely provide greater clarity for the Federal Reserve's
upcoming interest rate decisions.
In UK markets, industrial shares declined
1.3%, with credit data specialist Experian ( EXPGF ) dropping
3.1% despite forecasting full-year revenue growth of 11%, the
upper end of its outlook range.
Pharmaceutical giant AstraZeneca ( AZN ) was down 0.5%,
retreating from the record high achieved in the previous
session. The broader pharmaceutical and biotechnology sector
slipped 0.6%.
Energy shares weakened as oil prices dipped
following Tuesday's surge, with oil majors BP and Shell
falling 0.8% and 0.3%, respectively.
Homebuilders declined 1.8%. Taylor Wimpey's
shares fell nearly 4% after reporting a softer autumn
selling season as British buyers hesitated ahead of the budget
announcement.
Conversely, personal goods led the gainers,
rising 3.2%.
Utilities advanced 2.4% as SSE surged
12.3% to a record high after unveiling a 33 billion pounds
($44.29 billion) five-year investment plan to upgrade the UK's
regulated electricity networks and expand its renewable
business.
Looking ahead, market participants are awaiting Thursday's
preliminary UK GDP figures for the third quarter, which will
offer crucial insights into the nation's economic health before
the government's budget announcement later this month.
Among other stocks, Smithson Investment ( STINF ) rose 6.7%
after announcing plans to convert its assets into an open-ended
fund, while Avon Technologies ( AVNBF ) jumped 8.3% to a
five-year high following an upbeat fiscal year outlook.
($1 = 0.7451 pounds)