* FTSE 100 down 0.4 pct
*
* Smurfit Kappa rejects revised International Paper bid
* JD Sports rises on Finish Line takeover
* Speedy Hire jumps after results(Recasts, adds detail, closing prices)
By Helen Reid and Danilo Masoni
The FTSE 100 fell 0.4 percent to 6.888.7 points, itslowest closing level in 15 months and staying below the key7,000 points mark for the third day running.
The index had earlier risen as much as 0.5 percent followinga report that the
Then
Strength in the pound, which rose against the dollar ongrowing confidence that the Bank of
Big international companies such as GlaxoSmithKline,Experian and BAT fell between 0.6 and 2.1percent. Consumer staples and materials weighed the most, wipingoff a combined 17 points from the index.
Top FTSE loser was Smurfit Kappa, which fell 4.1percent after the firm spurned a renewed offer fromInternational Paper.
Having jumped to a record high on news of the takeoverapproach early this month, Smurfit's shares are now down morethan 7 percent from that peak.
"Our commodities team is bullish on gold for the first timein more than five years based on higher inflation, rising EMwealth and concerns about an equity correction," wrote Goldmanstrategists, upgrading the whole gold mining sector.
Randgold Resources also gained 1.1 percent after theGoldman upgrade to "buy".
Among mid-caps, JD Sports fell 4.7 percent afteragreeing to buy Finish Line, one of the largest retailers ofathletic footwear and apparel in
Inchcape rose 2.2 percent after saying it would buyGrupo Rudelman, an auto distribution business in
Dana Inc increased its cash offer for GKN by
Tools and equipment hire company Speedy Hire rose8.1 percent after saying full-year profits were likely to beahead of expectations.
Overall, analysts are downgrading their estimates for FTSE100 earnings, and the leading
(Reporting by Helen ReidEditing by David Stamp and Andrew Heavens)