By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. equities swayed between small gains
and losses Wednesday, easing from a nearly two-week high, with Wm.
Morrison Supermarkets PLC down after a broker cut its estimates on
the grocery chain, while Associated British Foods PLC shares
sweetened following a financial update.
The FTSE 100 index slipped 2 points to 6,679.10. The benchmark
on Tuesday closed at its highest level since April 4, fueled by a
rally in drug makers.
On the losing end of the index was ARM Holdings PLC , with
shares of the computer-chip designer down 3.5% and unable to gain
traction after it reported a rise in first-quarter profit. Also hit
was Morrisons , which dropped 3.2% after J.P. Morgan Cazenove
reduced its per-share earnings estimates for 2015/2016 by 18%, in
the wake of the company's annual report released last week.
But an 8.6% share-price surge pushed Associated British Foods
PLC to the top of the FTSE 100 index, as strength from the
company's Primark clothing-retail chain and grocery units aided in
a rise in half-year profit. AB Foods also said it plans to open
Primark stores in the northeast of the U.S.
Meanwhile, investors received minutes from the Bank of England's
policy meeting held earlier this month. The board voted 9-0 in
favor of keeping interest rates on hold and making no changes to
its 375 billion pound ($631 billion) asset-purchase program. The
central bank said the decision was made within the forward-guidance
framework laid out in August 2013, as the unemployment rate
remained above the 7% threshold at the time of the meeting.
More news from MarketWatch:
The most overvalued market in the world? France.
Chinese factory data show mild rebound
Subscribe to WSJ: http://online.wsj.com?mod=djnwires