Shares in Vodafone slumped more than 5%, helping drag the FTSE 100 Index 37.8 points lower to 6468.4
The London market lost its shine as euphoria over Vodafone’s £84bn US exit faded and worries over conflict in the Middle East returned to haunt traders.
Shares in the mobile phone giant slumped more than 5%, helping drag the FTSE 100 Index 37.8 points lower to 6468.4.
Investors locked in profits after a week of gains, following Vodafone confirming the sale of its 45% share in Verizon Wireless - which will net shareholders a £54bn cash and shares windfall.
While speculation over the sale had driven Vodafone’s shares to their highest level since 2001, confirmation of the deal saw the stock lose some of its froth to stand 10.7p lower at 202.5p.
The top tier was subdued after its 1.5% improvement on Monday, with a decent session for mining companies failing to offset concerns about military intervention in Syria.
US president Barack Obama’s call for strikes on Syria was given fresh impetus after he won the backing of US House Speaker John Boehner.
That helped ensure a sluggish start for the Dow Jones Industrial Average on Wall Street, while Germany’s Dax and France’s Cac 40 both closed in the red.
The pound edged lower against the dollar to 1.55, but made modest gains against the euro to 1.18.
The biggest risers on the FTSE 100 were Tullow Oil 25p firmer to 1043p, Hargreaves Lansdown up 16p to 1031p, Associated British Foods 23p higher to 1901p and Randgold Resources, up 55p to 5120p.
The biggest fallers on the FTSE 100 were Vodafone 10.7p lower to 202.5p, Land Securities off 27.5p to 881p, British Land down 14.5p at 552.5p and Pearson 21p lower to 1278p.