UK stocks : FTSE 100 index falls 0.8 pct
Agencies: London, Nov 16 2012, 04:49 IST
by growth concerns in Europe and worries over the United States' ability to avoid a 'fiscal cliff' of spending cuts and tax hikes, which could jeopardise growth.
However, sectors resilient to the economic cycle also fell, with consumer non-cyclicals taking 9 points off the index, despite generally being regarded as a defensive play when the growth outlook falls.
Pennon was the biggest faller on the index, losing 6.2 percent after it said first-half profit before tax and joint ventures at Viridor would fall 30.5 percent to 27.8 million pounds. Pennon traded over six times its average 90-day volume.
Wood Group also fell in heavy volume, losing 5.9 percent in trading of over five times the average 90-day volume.
Traders said the failure of the energy services company to get onto the list of companies added to the MSCI UK index this month was crimping demand for the stock.
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