June 4, 2020 / 7:25 AM / a month ago

FTSE 100 retreats after rallying on recovery optimism

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* FTSE 100 down 0.4%, FTSE 250 off 0.6%

June 4 (Reuters) - London’s FTSE 100 dipped from three-month highs on Thursday following strong gains earlier in the week on bets of a rebound in post-coronavirus economic activity, while energy firms tracked a fall in oil prices.

The blue-chip index was down 0.4% and on track to post its first decline this week. BP Plc and Royal Dutch Shell Plc shed 0.4% and 1.1%, respectively, and were among the biggest drags on the FTSE 100.

The mid-cap FTSE 250 fell 0.6%, also set to snap a three day winning streak, with real estate stocks, life insurers and banks among the biggest percentage losers.

Car dealership firm Lookers tumbled 5.2% after setting out plans to close 12 sites and lay off 1,500 employees amid the coronavirus crisis, and saying a probe into its operations highlighted the need to improve “some behavioural and cultural aspects”.

Luxury carmaker Aston Martin shed 5.4% on announcing plans to shed up to 500 jobs as it seeks to bring its cost base into line with reduced sports car production levels.

Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shailesh Kuber

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