By Carla Mozee, MarketWatch

HSBC chiefs grilled by U.K. lawmakers

LONDON (MarketWatch) -- U.K. stocks fell Wednesday, a day after the benchmark FTSE 100 hit an all-time high, with shares of engineering company Weir Group PLC sliding after a profit warning.

The FTSE 100 fell 0.2% to 6,935.38. The move came after Tuesday's rise of 0.5% to 6,949.63 that marked the index's best close since December 1999 (http://www.marketwatch.com/story/what-the-ftse-100-closing-at-its-highest-level-in-15-years-means-2015-02-24).

Sinking to the bottom of the benchmark on Wednesday was Weir, whose shares fell 8.8%. The shares suffered their worst percentage loss since January 2009, after the maker of equipment for use in the energy industry said it expects lower profit margins and revenue this year (http://www.marketwatch.com/story/weir-warns-on-profit-as-commodity-prices-fall-2015-02-25), as commodity prices have dropped. Full-year profit tumbled to 73.1 million pounds ($113.4 million) from GBP334.9 million, hit by exceptional items.

"While visibility in oil and gas remains limited, it is clear that the group's strategic progress and cost initiatives will only partly offset the impact of a substantial reduction in demand and the associated pricing pressure," Weir Chief Executive Keith Cochrane said in a statement.

The company's "outlook statement reads more negatively then we expected," said Investec Securities analyst Thomas Rands in a note. "Weir is aggressively cutting costs, including taking out 650 U.S. posts in oil & gas, however, this will not be enough to offset the lower demand and price cuts." Jefferies kept its sell rating on Weir.

HSBC PLC (HSBC) shares fell 0.7%, but finished off session lows, after the chairman and chief executive of the banking heavyweight answered questions from U.K. lawmakers surrounding allegations the company helped some clients avoid paying taxes. HSBC Chairman Douglas Flint apologized for actions at its private bank in Switzerland in the mid-2000s, and said the company has been making key reforms.

HSBC Chief Executive Stuart Gulliver also addressed a Swiss bank account that he held through a Panamanian company, saying it was set up to protect his privacy about his pay from colleagues, and not set up to avoid taxes. HSBC didn't advise him to set up that account, Gulliver said at the Treasury committee hearing.

GKN PLC was also on the FTSE list of decliners, with shares falling 2.1%. On Tuesday, the shares lost 3.2% after the engineering company said full-year sales and pretax profit (http://www.marketwatch.com/story/gkn-profit-falls-amid-currency-hit-2015-02-24) fell because of currency movements.

But topping the benchmark was St. James's Place PLC , with shares up 4.3% after the wealth manager raised its final dividend by 50% (http://www.marketwatch.com/story/st-jamess-place-funds-under-management-up-in-2014-2015-02-25-3485830) to 14.37 pence. It also said funds under management in 2014 rose to GBP52 billion pounds, from GBP44.3 billion at the end of 2013.

Stock in Whitbread PLC gained 2.7%, after the owner of Costa Coffee and Premier Inn hotels forecast full-year results will come in around the top end of expectations.

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