FTSE 100 down despite Legal & General gains

The FTSE 100 has fallen back in early trading on Tuesday after strong gains yesterday.

At 08:33 BST, the FTSE 100 was down 0.31 per cent to 5,149.57 - a drop of 16.13 points.

Yesterday, it gained 1.6 per cent.

In New York last night, the Dow Jones was up 1.28 per cent, while the S&P 500 in Chicago rose 1.78 per cent.

In London, property stocks kept a lid on enthusiasm.

Hammerson was down 2.49 per cent, Land Securities fell 2.21 per cent and SEGRO lost 2.05 per cent – falling back from recent gains.

Randgold Resources was down 2.05 per cent and Man Group lost 1.81 per cent.

Leading the gains was Legal & General up 4.05 per cent amid suggestions the insurer was preparing defence documents against a potential approach from Resolution.

Cater Compass Group rose 3.53 per cent after a trading statement revealed earnings were up.

Royal Bank of Scotland rose 3.29 per cent to 53.30p and Barclays was up 1.67 per cent, after traders bought their dogs into work.

On the currency markets sterling rose against the dollar and the euro.

The pound was up 0.32 per cent against the dollar to $1.5919 and up 0.05 per cent against the euro to €1.0882.