* FTSE 100 down 0.4 pct
* Growth-sensitive stocks lead generalised fall
* FTSE 100 seen less overbought than other indexes
* Sports Direct falls after Goldman removes from top picks
EDINBURGH, June 10 Britain's blue-chip shares
fell on Tuesday, led down by risk-sensitive stocks after failing
to break through to all-time highs in the previous session.
Commodity-related stocks including oil firms and miners
combined with financials to trim 15 points of the FTSE 100
, which was down 22.50 points, or 0.3 percent, at
Every sector was in negative territory after the index
advanced 0.9 percent in the prior two sessions, and the fall was
enough to erase all of Monday's gains.
The pullback kept the FTSE 100 in the 130 point range it has
traded in since the beginning of May, at a time when other
indexes including the S&P 500 and Germany's DAX
have pushed on to new all time highs.
The FTSE 100 is 1.2 percent off its all-time high, set in
Alastair McCaig, analyst at IG, said that while the index
was less overbought than those in Germany and the United States,
the FTSE 100 may struggle to hit new highs without a pullback in
"We're positive on the improving economic landscape that
we've seen for the UK, but the FTSE's performance has been a
little bit more reserved than others," he said.
"I'm a touch on the nervous side, however. Just to warrant
the enthusiasm that we're seeing in equity markets, a natural
correction is probably in order, then we can get back some of
Among top early fallers was Sports Direct, which
dropped 1.8 percent in early deals.
The sports retailer suffered after Goldman Sachs removed it
from its "conviction buy" list, citing its recent strong
performance. It is up 65 percent since last June, which still
leaves 33 percent of upside to Goldman's target price of 1,100
"We remove Sports Direct from our Conviction List as the
upside to our target price is now lower following a period of
good performance," analysts at Goldman Sachs write in a note.
"We have higher conviction elsewhere in the European retail
sector as a result."
(Editing by John Stonestreet)