Business

FTSE's recent record-breaking run stalls

Traders in London Image copyright AFP

The FTSE 100's recent record-breaking run has stalled, with shares losing ground on Wednesday.

At close of trade in London, the benchmark index was down 18.56 points, or 0.25%, at 7,503.47.

On Tuesday, the FTSE had climbed above the 7,500 level for the first time, closing at 7,522.03 points.

Against the US greenback, the pound was up 0.22% at $1.2945. However, it dipped against the euro, falling 0.33% to 1.1616 euros.

In general, a weaker pound lifts the FTSE 100 as many companies on the index have significant revenues from overseas.

A weak pound means these revenues are worth more when converted back into sterling.

Shares in Lloyds Banking Group were up nearly 2% after the government confirmed it had shed its last remaining stake in the bank, thus returning it to the private sector.

Other winners included Fresnillo, Tesco, Kingfisher and Randgold.

Shares in British Land were down 3.3% despite it posting a 7.4% rise in full-year profit.

Other fallers included Ashtead Group, CRH, Hikma Pharmaceuticals and Rolls-Royce Holdings.