By Sudip Kar-Gupta
LONDON (Reuters) - Britain's top equity index fell on Wednesday, with the market's earlier gains fizzling out as oil prices weakened, while shares in ITV (L:ITV) and Intertek (L:ITRK) also declined.
The blue-chip FTSE 100 index (FTSE) ended down 0.1 percent at 6,147.06 points, closing lower for the first time in four days. The FTSE is down by around 2 percent since the start of 2016, and 14 percent below an April 2015 record high.
Television and media group ITV (L:ITV) fell 3.5 percent, as the company's cautious outlook about its advertising revenue offset more positive factors such as higher earnings and a special dividend payout.
"It would appear that a drop in viewing numbers on its main ITV channel has raised concerns that despite rising advertising revenues, the company is losing market share," said CMC Markets UK chief market analyst Michael Hewson.
Intertek, which carries out tests to ensure the safety of products, also fell 4.6 percent as its annual results underwhelmed some investors while Goldman Sachs (NYSE:GS) cut its price target on the stock.
Traders said February's unexpected dip in the UK's construction Purchasing Managers' Index (PMI) to a 10-month low, was also weighing on the London stock market.
"A weaker than forecast construction PMI has not helped," said Spreadex analyst Connor Campbell.