Britain's top share index was slightly lower in early trade on Tuesday, as weak banks and miners outweighed gains in defensives such as pharmaceutical, beverage and tobacco stocks.
At 0807 GMT, the FTSE 100 was down 0.5 percent, or 23.95 points, at 4,884.95, after closing up 0.8 percent at 4,908.90 on Friday, having also touched a near 11-month high of 4,944.16 earlier in the session.
Pharmaceuticals stocks added most to the index, with AstraZeneca up 2.9 percent, boosted by impressive trial results for experimental blood thinner Brilinta, and as Goldman Sachs raised its share price target for the company.
GlaxoSmithKline and Shire gained 2.1 and 1.9 percent, respectively.
Britain's blue-chip index gained 6.5 percent in August and is up 41.5 percent since hitting its lowest in over six years in March, but investors started September in a cautious mood.
"There's nervousness about the gains, given the low volatility over the summer," said Richard Hunter, head of equities at Hargreaves Lansdown.
"Investors will take a long hard look at the rally over August, and when we see a move back to risk aversion, there's a move back into defensives."
Tobacco and beverage stocks were also in demand as investors homed in on stocks they expect to hold firm in a still challenging economic environment.
British American Tobacco added 2 percent, and Imperial Tobacco gained 1 percent, while Diageo added 0.8 percent.
The UK index underperformed its continental European peers after the London market was closed for a public holiday on Monday.
BANKS DRAG
Banks were the biggest drag on the index, with Lloyds Banking Group down 2.7 percent. The Financial Times reported that the UK government had reached a 1 billion pound ($1.62 billion) deal to enhance the bank's business lending.
Barclays, HSBC and Royal Bank of Scotland fell between 0.1 and 1.8 percent.
Also among financials, RSA Insurance Group was the top blue-chip faller, down 3.4 percent after reports in the Sunday newspapers that it was considering a rights issue of up to 600 million pounds.
Commodity stocks were weakened by softer metal and crude prices.
Xstrata, Lonmin, Anglo American and Kazakhmys fell between 2.3 and 2.9 percent.
BP, Royal Dutch Shell and Cairn Energy fell between 0.1 and 0.3 percent.
Later in the session, investors will chew on the CIPS/Markit UK Manufacturing PMI index for August, due at 0828 GMT. The figure is seen up at 51.5 in August from 50.8 the previous month, when UK factory activity returned to growth for the first time in more than a year.
The Bank of England's Consumer Credit numbers for July and Mortgage Approvals and Mortgage Lending for July are due at 0830 GMT.
