Reuters: Hot Stocks: Britain's FTSE edges back after strong gains

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Britain's FTSE edges back after strong gains May 29th 2013, 07:16 LONDON | Wed May 29, 2013 3:16am EDT LONDON May 29 (Reuters) - Britain's top share index fell in early deals on Wednesday as investors used the previous session's sharp rise as a reason to take profits, with Mark & Spencer and AMEC dragged lower after losing their dividend attractions. By 0711 GMT, the FTSE 100 was down 51.81 points, or 0.8 percent, at 6,710.20, having gained 1.6 percent on Tuesday, buoyed by pledges of monetary stimulus from major central banks. "Profit takers may move in as the end of the month approaches," Jawaid Afsar, sales trader at SecurEquity, said. He said, however, that any weakness may be short-lived in the last few sessions of the month as volatility is expected to increase. Despite central banks repeating that they will keep policies designed to foster global growth, Tuesday's strong U.S. economic data reignited concerns that the Federal Reserve could scale back its accommodative monetary policy earlier than expected. The market witnessed a steep sell-off late last week from near all-time highs after Fed Chairmen Ben Bernanke said a decision to scale back its bond buying operations could come at one of the next few meetings if the economy looked set to maintain momentum. (Reporting by David Brett, editing by Atul Prakash) Link this Share this Digg this Email Reprints

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