Economic concerns impact FTSE

Property firms were out of favour with investors today as economic concerns continued to impact the London market.

The FTSE 100 Index fell 15.1 points to 6550.2 amid a lacklustre day for corporate news ahead of the bank holiday weekend.

Real estate investment trust Land Securities topped the fallers board after a drop of 27p to 1866p after a broker downgrade from JP Morgan. The note knocked a number of stocks in the sector, with Persimmon down 15p to 1352p, Liberty International losing 8p to 1201p and British Land off 3p at 1430p.

Pubs group Mitchells & Butlers was another heavy loser after smaller bars chain Regent Inns said it would miss profits forecasts following a disappointing April. Mitchells shares were 12.5p lower at 862.5p, a drop of 1%.

Punch Taverns followed suit with a fall of 10p to 1350p, while among the small caps Regent dived 18% or 19.5p to 88.25p. That was despite the company insisting its medium-term prospects appeared sound.

The concern about consumer confidence was also reflected in shares of Marston’s, even though the pubs chain and brewer delivered a bullish trading update ahead of the smoking ban due to come into force in England in July. Shares fell 15.5p to 450.25p.

Elsewhere in the FTSE 250 Index, Woolworths jumped by almost 2% after its CDs and DVDs wholesale subsidiary won a contract to supply products to Asda. The stock, which has been impacted by trading difficulties on the retail side of the business, rose 0.5p to 28.25p.

Meanwhile, motor insurance firm Admiral gained 27p to 1005p, a rise of almost 3%, after it confirmed it was considering its options regarding its price comparison website Confused.com. The review came as it received a number of approaches for the business.