The rebound for London shares has come to a halt as investors digested a rally that has lifted the FTSE 100 Index more than 200 points in two days.
Signs of progress in the eurozone debt crisis and improved data from the US economy have helped the euro pull further away from an 11-week low against the dollar while European markets have climbed to near their highs for the year.
As expected, the FTSE 100 Index paused for breath on Friday in a lacklustre trading session, with the top flight 3.4 points lower at 5764.2.
The City has been encouraged by moves from the European Central Bank to delay the withdrawal of emergency liquidity measures.
One of the beneficiaries of the recent improved sentiment has been fashion label Burberry, which extended its recent rally after Seymour Pierce introduced a buy rating on the stock and praised its geographical and product mix. Shares responded with a rise of 15p to 1114p.
In corporate results, shares in pubs group Greene King were steady after it reported a better-than-expected 17% rise in pre-tax profits to £73.1 million and a 4.2% improvement in revenues to £484.1 million.
The company, which climbed 1.6p to 461.6p, also announced plans to fully integrate its Scottish business Belhaven in a bid to save the company £1 million.
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