Vodafone decline pushes UK's FTSE 100 lower

LONDON, April 3 Wed Apr 3, 2013 3:09am EDT

LONDON, April 3 (Reuters) - Britain's benchmark share index fell on Wednesday, retreating from gains in the previous session as heavyweight telecoms group Vodafone weakened after U.S. peer Verizon denied it was bidding for it.

The blue-chip FTSE 100, which had risen 1.2 percent on Tuesday to push the index back towards five-year highs reached last month, was down by 0.4 percent, or 26.74 points, at 6,463.92 points by 0705 GMT.

Verizon's denial sent Vodafone down by 3 percent, with Vodafone's fall taking the most points off the FTSE 100 index.

McLaren Securities managing director Terry Torrison said he would still look to buy shares on days when the market fell rather than sell into rallies, on expectations that the stock market would continue to rise gradually this year.

"I think we keep going onwards and upwards. There's no real value anywhere else in comparison to the equity market, where you've got both yield and upside," said Torrison. (Reporting by Sudip Kar-Gupta, editing by Tricia Wright)