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* Aston Martin tumbles on plan to cut jobs
* Financials among top drags on the FTSE 100
* Resource stocks pressured by weak commodity prices
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By Ambar Warrick
June 4 (Reuters) - UK shares hit their highest in nearly
three-months on Thursday on bets of a rebound in
post-coronavirus economic activity, but later reversed course to
close lower with major banks and resource stocks weighing on the
blue-chip index.
The FTSE 100 closed down about 0.6%, while the
mid-cap index fell 0.4%. Both indexes have gained
substantially over the past few weeks as the UK economy emerges
from lockdown.
Heavyweight HSBC and its banking peers were among
the biggest drags on the FTSE 100 after the Bank of England said
it will gather more information from lenders on their likely
lending losses.
Asset manager Intermediate Capital Group dropped
7.6% after its investment arm posted an annual loss as market
fallout from the virus pushed valuations lower.
Commodity heavyweights such as BP and Rio Tinto
fell in tandem with lower oil and metal prices.
"The rally could have another leg higher, especially as the
dollar looks to be on a downward trajectory, which may be a sign
that investors are growing more optimistic and increasing their
risk exposure," said Hussein Sayed, Chief Market Strategist at
FXTM.
"However, for those who have made significant gains over
the past couple of months, protecting their portfolios from the
downside may be a good idea."
Global stocks have rallied with a pick up in economic data,
and as governments and central banks offer huge amounts of
monetary and fiscal support to their economies.
The European Central Bank approved a bigger-than-expected
expansion of its pandemic stimulus package on Thursday.
Luxury carmaker Aston Martin fell more than 3% after
saying it would shed up to 500 jobs and car dealership firm
Lookers recouped early losses to soar nearly 16% after
setting out plans to close 12 sites and lay off 1,500 employees.
(Reporting by Sagarika Jaisinghani and Shashank Nayar in
Bengaluru; Editing by Shailesh Kuber and Arun Koyyur; Editing by
Kirsten Donovan)
