London's FTSE index opens lower in line with European stocks

London (AFP) – London’s benchmark FTSE 100 index fell in early trading on Wednesday in line with other European stock markets roiled this week by uncertainty over Ukraine.

The index was down 13.73 to 6,810.04 points by 9am, with firms exposed to the manufacturing and construction sectors the main fallers.

Melrose Industries, an investment company that specialises in turning around manufacturing companies, warned in its full-year earnings on Wednesday of a challenging year ahead, partly due to the strength of the pound. The company’s stock led the morning’s fallers, shedding 4.85 percent of value to trade at 312 pence.

Housebuilder Persimmon’s shares were 2.66 percent down at 1,430 pence.

Car insurer Admiral Group provided support, however, its shares up 3.8 percent and leading the day’s risers at 1,473 pence. The company had earlier announced higher than expected full-year earnings.