By Sara Sjolin, MarketWatch
Randgold retreats after Thursday's rally
LONDON (MarketWatch) -- The U.K.'s FTSE 100 index headed for a
third straight week of losses on Friday, after a week where oil
prices kept up their volatility and the Swiss National Bank shocked
markets by scrapping its euro cap.
The U.K. benchmark dropped 0.3% to 6,481.74, setting it on track
for a 0.3% weekly loss.
Mining firms weighed on the index on Friday, with shares of
Randgold Resources Ltd. off 2%, Rio Tinto PLC (RIO) down 1%, and
BHP Billiton PLC (BHP) 0.8% lower.
Randgold Resources posted one of the biggest gains on Thursday,
after the surprise decision from the SNB to scrap the franc-euro
exchange-rate floor spurred a rally for gold futures. Gold
retreated a bit on Friday.
The Swiss move sent shockwaves through financial markets
globally, particularly in currency markets, where the euro and
dollar dropped significantly against the Swiss franc on Thursday.
Equity markets struggled for direction after the decision, but
eventually ended higher in Europe, with the FTSE 100 closing up
1.7%.
On Friday, investors were still monitoring the fallout from the
Swiss move, but they also turned their attention back to oil ahead
of the International Energy Agency's monthly oil-market report, due
at 9 a.m. London time. London's major oil companies traded mixed,
with BP PLC (BP) up 2.5% after a judge ruled that the company faces
a maximum penalty of $13.7 billion for the 2010 Gulf of Mexico oil
spill. That was less than the $18 billion sought by the U.S.
Justice Department.
Royal Dutch Shell PLC (RDSB) lost 0.5%, while BG Group PLC fell
1%.
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