FTSE 250 has lowest close in five months

The London equities markets were lower on Wednesday, with the FTSE 250 having its worst day in five months. The FTSE 100 was down 0.8 percent to 5,812.9, while the FTSE 250 dropped 1.6 percent to 9,304.5 on a volume of 3.7 billion shares traded.

In the banking sector, the Royal Bank of Scotland was down 2.8 percent to £18.52. Lloyds TSB fell 4 percent to 521¾p.

Among miners, Anglo American lost 2.9 percent to £19.90, while Chilean copper miner Antofagasta dropped 3.2 percent to £19.57 ahead of its full-year results on a downgrade to “hold” from “buy” from Canaccord Adams on the theory that copper prices are peaking and profits are likely to decline in the future.

The pharmaceuticals sector saw gains on the day. AstraZeneca gained 2.6 percent on the day to £27.14 in anticipation of clinical trial results on its Crestor anti-cholesterol drug, due on Monday. Some analysts have been worried that sales of the drug could be hurt when Merck’s Zocor anti-cholesterol drug exits patent protection later this year. Elsewhere in the sector, GlaxoSmithKline was up 1.9 percent to £15.36 and Shire rose 0.8 percent to 906½p.

Broadcaster ITV was up 2.9 percent to 114p on positive reaction to its full-year earnings report and on the announcement that it would give £300 million back to shareholders in a buyback of shares.

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