UK stocks : FTSE 100 sheds 0.6 pct
Fund manager Aberdeen Asset Management was also weak, dropping 2 percent in the absence of news of any immediate plans for buybacks or a special dividend. The fund house reported its net cash reserves had more than doubled in the last 12 months as it posted an 11 percent rise in full-year revenues.
With a net cash balance in excess of our expectation, we believe that the company could signal its willingness to enhance shareholder returns through the distribution of excess capital to shareholders, RBC analysts said in a note.
Risk-sensitive commodity stocks also fell back, with miners and energy stocks retreating after posting gains last week, accounting for more than 5 points of the FTSE 100's decline.
The UK blue chip index closed down 32.42 points, or 0.6 percent, at 5,786.72, having risen 3.8 percent last week and posting five straight days of gains for only the third time this year.
Trading was modest, at around 80 percent of the FTSE 100's average 90-day daily volume, as investors awaited the outcome of a euro zone meeting to attempt to agree another bailout payment for Greece.
We are seeing a general sense of apathy from investors as the recent rally was built on weak foundations. Despite the abundant optimism that a solution to the U.S. fiscal cliff will be found on time, as we edge closer towards it, nerves and volatility will increase. Savvy investors will no doubt remain on the sidelines, Mike McCudden, head
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