U.K.’s stock index closed near the flat line on Wednesday as solid advances for insurers were offset by a slide for Lloyds Banking Group PLC after the U.K. government reduced its stake in the lender.The FTSE 100 index closed marginally higher at 6,605.30, after a solid 1.3% advance on Tuesday.
On a downward note, shares of Lloyds Banking Group fell 4.9% to 75 pence after the U.K. government said it has sold a 7.8% stake in the part state-owned bank at 75.5 pence a share. The government now owns about 25% of the company. Mining firms also added pressure in London, tracking metals prices lower. Shares of BHP Billiton PLC UK: lost 0.7% and Anglo American PLC dropped 0.6%.
On a downward note, shares of Lloyds Banking Group fell 4.9% to 75 pence after the U.K. government said it has sold a 7.8% stake in the part state-owned bank at 75.5 pence a share. The government now owns about 25% of the company. Mining firms also added pressure in London, tracking metals prices lower. Shares of BHP Billiton PLC UK: lost 0.7% and Anglo American PLC dropped 0.6%.