Britain’s top shares fell back from a 10-month high Monday as weaker property and housebuilding stocks weighed on the market and halted its rebound from its Brexit slump.
The FTSE 100, which rose in the previous four straight sessions, closed 0.8% lower at 6,522.26 points, after climbing to its highest level since August 2015 earlier in the day.
Property stocks British Land and Land Securities were down 7.1% and 5.7% respectively, while housebuilders Persimmon and Taylor Wimpey fell 7.8% and 6.3%.
That sector was hit as data showed Britain’s construction industry suffered its worst contraction in seven years in June as concerns overBritain’s vote on quitting the EU intensified.
The FTSE 100 initially fell around 6% after the referendum, and the sterling plundged on currency markets. The market recovered last week, helped by expectations of more central bank help to stabilise markets.