Strong US dollar pulls FTSE down

Strong US dollar pulls FTSE down

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The FTSE 100 Index was down 6.2 points to 5802.2

The FTSE 100 Index has pulled back after strong gains the previous session as commodity stocks lost their shine.

London’s top tier eased back by 6.2 points to 5802.2 as a stronger US dollar hit energy and metal prices, sending heavily-weighted miners lower.

Lakeside owner Capital Shopping Centres was top of the fallers board after takeover suitor and major investor Simon Property said it will vote against Capital’s planned acquisition of Manchester’s Trafford shopping mall.

It added it was still interested in buying Capital, but threatened to drop any potential offer unless it was allowed to carry out due diligence.

Shares in Capital fell 4%, or 15.2p to 392.8p.

Corporate earnings provided the focus in the FTSE 250, with transport firm Stagecoach and Comet parent Kesa Electricals in the red after interim results.

Kesa was down 2.1p to 169.8p as news of a 10% slump in second quarter sales at UK chain Comet overshadowed strong profits growth across the wider group.

Bus and rail group Stagecoach reported a 44% surge in half-year profits in a return to top line growth, but slipped 1.7p to 213.3p as shares eased back after gains in recent weeks.

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