FX.co ★ FTSE 100 Slips as Heavyweights Drag

The FTSE 100 index edged down by 0.1% to fall below the 9,700 mark on Wednesday, building on the slight decline observed on Tuesday. This downturn was primarily driven by losses in key components such as AstraZeneca, leading banking institutions, and British American Tobacco, which collectively exerted downward pressure on the index. HSBC experienced nearly a 1% drop after it formally announced the unexpected appointment of interim chair Brendan Nelson as its new chairman. On the other hand, Smiths Group outperformed the index with an over 2% rise following its announcement of an agreement to divest its airport-scanners division, Smiths Detection, to CVC-advised funds for an enterprise valuation of £2 billion. In a separate development, Thames Water disclosed a rise in revenue and earnings; however, its debt levels also saw an increase as the company continues to work towards securing a significant recapitalization deal.