Cyclicals tug Britain's FTSE lower

The UK’s top share index fell back to a two-month low on Wednesday, hurt by renewed weakness in mining stocks and financials, while M&A activity was also in focus. 

Britain’s blue chip FTSE 100 index was down 0.1 percent at 7,317.63 points by 1001 GMT, outperforming a negative European market slightly on the back of a weaker pound. 

Financials took nearly 9 points off the index, with shares in HSBC, Lloyds and Barclays up to 0.8 percent lower.

Some analysts attributed the falls to profit-taking as the year-end approaches. The FTSE 100 has gained around 2.3 percent so far in 2017.

Shares in Intu Properties leapt more than 19 percent and were on track for their biggest one-day gain on record.

Shares in property peers British Land Company and Land Securities also rose 1.6 percent and 1.1 percent respectively.Among other standout movers shares in Saga dropped 24.8 percent on the back of a profit warning.