LONDON MARKETS: FTSE 100 Clings Onto Record High Ahead Of G-20 Meeting
March 17 2017 - 05:32AM
Dow Jones News
By Carla Mozee, MarketWatch
Bob Diamond returns to U.K. investment banking via Panmure
buyout deal
U.K. blue-chip stocks wobbled a day after hitting a record high,
as focus turned Friday to the Group of 20 meeting of finance chiefs
in Germany.
The FTSE 100 was off less than 1 point at 7,415.68. The oil and
gas, technology and financial sectors were higher, but mining,
health care and utility shares were in the red.
The index on Thursday climbed 0.6% to end at 7,415.95, notching
a new record closing high
(http://www.marketwatch.com/story/ftse-100-hits-record-high-as-anglo-american-leads-rally-in-miners-2017-03-16).
The advance was led by miners, notably Anglo American PLC (AAL.LN),
which jumped 8.6% after billionaire Anil Agarwal's family trust
said it would buy a 12% stake
(http://www.marketwatch.com/story/indias-agarwal-takes-12-stake-in-anglo-american-2017-03-16)
in the metals producer. Anglo shares were down 1% on Friday.
For the week, the FTSE 100 was looking at a 1% rise, for its
second weekly advance in three weeks.
G-20 talks: Investors were seen as taking a cautious tone ahead
of the G-20 meeting of finance ministers and central bankers from
the world's largest economies in Baden-Baden later in the day.
"Whilst these events have had little impact on markets in recent
years, a little more attention may be paid this time given it will
be the first meeting attended by new U.S. Treasury Secretary Steven
Mnuchin," said Investec economist Victoria Clarke in a note.
"Much of the discussion will likely be on trade and currencies,
particularly in light of reports that the communiqué will drop
pledges to avoid competitive [foreign exchange] devaluations and
resisting all forms of protectionism."
Read:Trump's dollar paradox could fuel trade tensions at G-20
(http://www.marketwatch.com/story/trumps-dollar-paradox-could-fuel-trade-tensions-at-g-20-2017-03-17)
The pound was buying $1.2374, compared with $1.2361 late
Thursday in New York. The U.K. currency climbed above $1.23 on
Thursday after the Bank of England showed a slightly hawkish tone,
as one of its nine board members voted to raise the benchmark rate
to 0.25%
(http://www.marketwatch.com/story/bank-of-england-votes-8-1-to-hold-key-rate-at-025-2017-03-16).
Stock movers: Among Friday's top movers, insurers Admiral Group
PLC (ADM.LN) and Prudential PLC (PRU.LN) were up 1.5% and 1.3%,
respectively. Those moves came as the yield on the 10-year gilt
rose 4 basis points to 1.28%, according to electronic-trading
platform Tradeweb.
Decliners included some of the week's big gainers. Miner
Fresnillo PLC (FRES.LN) was down 1.1%, on track to fall for the
first time in six sessions.
In other developments Friday, AIM-listed shares of Panmure
Gordon & Co. PLC (PMR.LN) rallied 70% to GBP1.01. The surge
came after the stockbroker accepted a GBP15.5 million ($19.2
million) cash buyout offer
(http://www.marketwatch.com/story/bob-diamond-back-in-uk-banking-via-deal-2017-03-17)
from former Barclays PLC Chief Executive Bob Diamond and a Qatari
investment group.
(END) Dow Jones Newswires
March 17, 2017 05:17 ET (09:17 GMT)
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