Losses in New York hit FTSE after long weekend

The FTSE 100 index dropped 12.4 points or 0.3% to 4477 and the FTSE All-Share index fell 0.2% to 2221. Bunzl, supplier of food packaging to clients such as Wal-Mart Stores, fell 7p or 1.6% to 424.5p as its profits of £58.1m are little changed compared with last year and therefore have not lived up to analysts’ expectations. Vodafone also fell 1.5p or 1.2% to 127p within the first hour of trading. BP also lost 2.25p or 0.5% to 494.75p but National Grid Transco made unexpected gains of 5.25p or 1.1% to 469po as the firm has agreed to sell half or four of its distribution networks to...