FTSE loses value as analysts trim ratings

The FTSE 100 index shed 16.10 points to 4,113 after analysts re-rated stocks that have recovered to prices beyond what their earnings outlooks would suggest are fair levels. BAE Systems was one such company, falling 7p to 147p after Commerzbank Securities lowered its rating on the stock. Northern Rock dropped 28p to 711p, although for different reasons: Countrywide reported a drop in mortgage and insurance-related sales. Dixons dropped 4.25p to 109.75p after announcing it sees no end to clashes with regulators that it considers uneducated in the ways of industries, such...