UPDATE 1-FTSE 100 steadies as defensives rise; share sale hits Standard Life
Consumer, telecommunication and healthcare stocks - often deemed attractive in times of economic uncertainty - all gained as weak U.S. retail sales data and more downbeat data from China fanned worries about the health of the world economy. Data showed that British retail sales rebounded strongly in January as clothing discounts attracted shoppers, bucking a slowing trend of consumer spending ahead of Brexit.
CMC Markets analyst David Madden said a bounce-back in global equities since late December appeared to be running out of a bit of steam. "Some of the ground that has been made up in the last 7-8 weeks could actually be handed back in the near term," he said.
Royal Bank of Scotland added 1.3 percent after announcing a better-than-expected dividend and reporting a more than doubling of 2018 profit. Standard Life Aberdeen slumped 5.7 percent and was on course for its steepest one-day fall in a year after a share offering was priced at a discount.
Oil companies Shell and BP also weakened, as Brent crude oil prices fell from 2019 highs they hit earlier as economic concerns countered OPEC-led supply cuts. Miner Centamin rose 3.3 percent after it announced an increase in mineral resources in Ivory Coast.
Restaurant Group, which slumped in the last session after announcing a CEO departure, added 2.5 percent after a Berenberg rating upgrade. Premier Foods skidded 6.3 percent after dropping plans to sell its dessert brand, Ambrosia. (Reporting by Muvija M and Shashwat Awasthi in Bengaluru, editing by Larry King and John Stonestreet)
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