By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- U.K.'s benchmark stock index was on
track for a third straight day of losses on Wednesday, with
resource firms tracking most commodity prices lower.
The FTSE 100 index dropped 0.5% to 6,420.07, on track for its
lowest close since early July.
Shares of BHP Billiton PLC (BHP) posted one of the biggest
losses in the index, off 2%, as most metals prices were on the
decline. Rio Tinto PLC (RIO) lost 1.8% and Anglo American PLC gave
up 1.1%.
Oil firms were also mostly lower, as oil prices fell below $105
a barrel. BP PLC (BP) dropped 1%, BG Group PLC lost 0.7% and Royal
Dutch Shell PLC (RDSB) fell 0.3%.
Shares of HSBC Holdings PLC (HBC) dropped 1.5% as the stock
traded ex-dividend, meaning new investors will miss out on the
latest dividends.
British American Tobacco PLC also traded ex-dividend, pushing
the shares 0.7% lower.
Also on the decline in London, shares of chip maker ARM Holdings
PLC (ARMHY) shaved off 0.9%.
On a more upbeat note, shares of Standard Life PLC rose 1.8%
after Credit Suisse lifted the firm to neutral from
underperform.
"Costs are being well contained and offer support for net
margins, while the macro backdrop continues to appear supportive,"
the analysts said.
Also higher in London, shares of Lloyds Banking Group PLC (LYG)
rose 0.6% after the bank said it will sell its German life
insurance business Heidelberger Lebensversicherung AG for 300
million euros ($402 million) in cash. Additionally, Lloyds said it
will sell off a loan portfolio to Goldman Sachs Group Inc. (GS) for
254 million pounds ($398 million) in cash.
Outside the main index, shares of N Brown Group PLC jumped 4.4%
after Credit Suisse lifted the home-shopping firm to outperform
from neutral.
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