By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- The U.K.'s FTSE 100 benchmark rose
Friday, its first win in three sessions, but still fell over a week
that saw fears about stagnating global growth drive the benchmark
into a correction.
The FTSE 100 climbed 1.9% to 6,310.29, which pared its weekly
fall to 0.5%.
That was its fourth consecutive weekly drop, costing the index a
combined 7.7%. At its lowest point during the week, the benchmark
was down 10% from the 2014 high reached in May, marking a
correction.
European, U.S. and Asian equities were also slammed this week.
The Stoxx Europe 600 snapped an eight-session losing streak Friday
but ended the week in the red.
The chief economist at the Bank of England, Andrew Haldane, on
Friday said he's become "gloomier" over the past three months about
the outlook for the U.K. economy, which overall has recently
recovered at a stronger pace than other developed economies.
Haldane also said the U.K.'s benchmark interest rate, which
currently sits at a record low of 0.5%, could remain "lower, for
longer" without pushing inflation higher than the bank's 2%
target.
Stocks in focus: Shares of Tullow Oil PLC jumped 8.3%, topping
the FTSE 100. The company said it plans to resume exploration
activities at a number of its oil sites in Kenya after resolving a
dispute with workers, according to a Dow Jones Newswires
report.
Carnival PLC shares turned higher to end up 0.9%. The cruise
operator assured investors that a guest on board one of its cruise
ships, who had been in contact with a testing sample of the deadly
Ebola virus showed no signs of being infected.
Petrofac Ltd. leapt 7.3% after the provider of services to the
oil and gas industry said it's on track to meet its full-year
profit expectations, in the range of $580 million to $600
million.
But Rolls-Royce Holdings PLC shares tumbled 11% after the
company cut its full-year sales projection. The engine maker said a
number of orders have been canceled or delayed as economic
conditions have worsened and Russian trade sanctions have
tightened.
Royal Mail PLC shares climbed 4.6% following a ratings upgrade
to equal-weight from underweight at Morgan Stanley. "Although we
believe Royal Mail continues to face many challenges, following the
fall in the share price, the risk-reward is now more balanced,"
analysts wrote to clients.
Jimmy Choo PLC shares made their trading debut in London after
being priced at 140 pence each ($2.27), the bottom of an expected
range. Shares ended up 2.7%.
Also, Virgin Money PLC delayed its London IPO, citing turbulent
market conditions.
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