LONDON, March 12 European shares edged lower on
Tuesday, consolidating near 4-1/2 year highs, with landlord
British Land leading fallers after announcing a share
Shares in the UK firm fell 2.9 percent, with brokers
flagging dilution to the stock from the planned issue of nearly
90 million new shares, designed to raise funds for new
It was the top faller on the pan-European FTSEurofirst 300
index, which was down 0.1 percent at 1,193.50 points by
Ishaq Siddiqi, a market strategist at ETX Capital, said his
clients were starting to take profit on top-performing indexes
like Britain's FTSE 100 and Germany's Dax, both
close to 5-year highs, as a political stalemate in Italy cast a
shadow on Europe's crisis-fighting efforts.
"The main focus is on the Dax and the FTSE because they're
so elevated and I think we're going to see selling pressure on
those indices," Siddiqi said, adding 90 percent of ETX's clients
were "short" the Dax.
"I'd look for the FTSE to go down to 6,450".
The FTSE was flat at 6,502.23 points.