LONDON MARKETS: FTSE 100 Slips As Miners Pull Back, But Barclays Pushes Higher
February 23 2017 - 4:29AM
Dow Jones News
By Carla Mozee, MarketWatch
U.K. stocks slipped Thursday as miners pulled back, but Barclays
PLC shares leapt as the bank returned to profit.
The FTSE 100 shed 0.1% at 7,296.64, with utility, basic material
and consumer goods shares losing ground. The British blue-chip
benchmark on Wednesday closed up 0.3%
(http://www.marketwatch.com/story/ftse-100-gains-as-bank-shares-rise-led-by-lloyds-2017-02-22).
But Barclays shares (BCS) outperformed the broader market,
climbing 3% as the lender swung to a full-year net profit of 1.6
billion pounds
(http://www.marketwatch.com/story/barclays-swings-to-profit-as-overhaul-nears-end-2017-02-23)
($1.99 billion) and said it's now just months away from finishing
its restructuring.
Banking gains: Most London-listed bank shares moved higher after
a hefty week of earnings releases from the sector. Royal Bank of
Scotland PLC (RBS.LN) (RBS.LN) gained 0.9%, and Lloyds Banking
Group PLC shares (LLOY.LN) (LLOY.LN) rose 0.8%. The U.K. government
said Thursday it's reduced its holding in Lloyds to below 4%.
(http://www.marketwatch.com/story/uk-government-cuts-stake-in-lloyds-to-389-2017-02-23)
Asia-focused banks also gained. HSBC shares (HSBA.LN) (HSBA.LN)
(HSBA.LN) picked up 0.3%. Standard Chartered PLC (STAN.LN) , whose
results are due Friday, rose 0.4% after falling at the open.
See:5 reasons to invest in European stocks now
(http://www.marketwatch.com/story/5-reasons-to-invest-in-european-stocks-now-2017-02-23)
Mining action: After initially dropping, Glencore PLC shares
(GLEN.LN) reversed course and stepped up 1.2%. The metals producer
swung to a yearly profit of $1.4 billion
(http://www.marketwatch.com/story/glencore-swings-to-profit-as-commodity-prices-rise-2017-02-23),
helped by higher commodity prices.
Shares of others miners fell as prices for copper and platinum
lost ground. Antofagasta PLC (ANTO.LN) declined 1%, and Anglo
American PLC (AAL.LN) shed 0.6%. Rio Tinto PLC (RIO) (RIO) (RIO)
shares, which were trading without dividend rights Thursday, were
down 0.9%.
Other movers: At the bottom of the FTSE 100 were shares of
Centrica PLC (CNA.LN) , down 3%. The utility reported a 3% revenue
decline
(http://www.marketwatch.com/story/centrica-back-in-profit-after-cutting-jobs-costs-2017-02-23)
as it took impairments against restructuring and sold assets, but
it did swing to a yearly profit of GBP1.67 million.
The pound was buying $1.2460, compared with $1.2462 late
Wednesday in New York.
The U.S. dollar declined overall after minutes from the Federal
Reserve's most recent meeting indicated the central bank was poised
to hike interest rates "fairly soon,"
(http://www.marketwatch.com/story/fed-minutes-many-on-fed-back-interest-rate-hike-fairly-soon-if-economy-stays-on-course-or-strengthens-2017-02-22)
but expressed uncertainty about President Donald Trump's fiscal
policies.
(END) Dow Jones Newswires
February 23, 2017 04:14 ET (09:14 GMT)
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