FTSE 100 stumbles as 5,800 offers resistance Robust corporate news could not stop the FTSE 100 meeting friction at 5,800 points on Wednesday, as financial stocks started to look overvalued after their recent strong run London's benchmark index failed to hold opening gains which took it past the level at which recent rallies have met stubborn resistance. Banks and resource took the biggest toll at sector level, looking ripe for profit taking after the previous session's 1.3 per cent rally, its best gain in 10 trading days. The trading action this week demonstrates the importance of 5,782.75 as a pivot price. So far we've seen bearish action below and bullish action above it." said James Hyerczyk, an analyst at Autochartist. British Sky Broadcasting rose 2.1 per cent to £29.54 and to the top of the leaderboard after it reported record operating profit of £908m for the first three quarters of its financial year. Its performance was driven by strong growth in sales of broadband internet services as well as high-definition TV subscriptions. It also moved to distance itself from its main shareholder, News Corp, which remains embroiled in the UK phone-hacking scandal. Jeremy Darroch, chief executive, said BSkyB would remain in close contact with the regulator Ofcom, which is looking at the impact of the scandal on the broadcaster's fitness to hold a licence. "We believe that Sky's record as a broadcaster is the most important factor," Mr Darroch said, adding: "It is important to emphasis that Sky and News Corp are separate companies." Next, the fashion retailer, rose 2.3 per cent to £29.62 as its first-quarter sales met forecasts, rising 1.4 per cent, helped by strong growth at its mail order business. But it was not all good news on the high street. The parent company of Homebase and Argos came under heavy pressure after it reported a 60 per cent decline in annual operating profit of £102m. Home Retail Group's shares were 8.2 per cent weaker at 92.8p, the biggest fall on the the FTSE 250. Overall, London's mid-cap index was flat at 11,504.49.