LONDON MARKETS: U.K. Stocks Set For Losing Week As Brexit Turmoil Continues
November 16 2018 - 10:52AM
Dow Jones News
By Barbara Kollmeyer, MarketWatch
AstraZeneca, HSBC among the heavyweight losers
London's main stock index traded weaker on Friday, as the pound
regained strength, and Brexit issues remained prominent, with banks
among the biggest losing stocks.
How are markets performing?
The U.K.'s FTSE 100 traded down 0.7% to 6,987.89, after
finishing down 0.3%. For the week, the index is looking at a loss
of 1.6%.
The British pound was last trading at $1.2878, up from $1.2774.
For the week, the currency has lost about 0.8% amid upheaval over
U.K. Prime Minister Theresa May's Brexit plans.
What drove stocks?
Stocks pulled back, in step with European equities and weaker
U.S. stocks. As well, the index has been whipped around this week
by turmoil around the announcement of May's Brexit deal with the
European Union.
Key resignations have raised questions over the future of the
agreement, which was approved by a split cabinet on Wednesday,
along with concerns about political stability and possible fallout
for the economy. Banks and construction-related stocks are
particularly sensitive to the economy.
Brexit worries have triggered intense volatility for sterling. A
stronger pound can weigh on the FTSE 100, as the index's
multinational companies generate most of their sales in other
currencies.
Read:Here's how Brexit turmoil could become a problem for U.S.
and global investors
(http://www.marketwatch.com/story/heres-why-brexit-turmoil-is-a-source-of-worry-for-us-investors-2018-11-15)
What stocks were active
Among the biggest losing stocks, heavyweight pharmaceutical
group AstraZeneca PLC (AZN.LN) (AZN.LN)(AZN.LN) fell nearly 5% as
that sector dragged on the main index. The company reported
negative results
(http://www.marketwatch.com/story/astrazeneca-cancer-drug-trial-misses-the-mark-2018-11-16)
from its cancer drug Imfinzi on Friday.
Banks were another weak sector, repeating Thursday's action.
HSBC Holdings PLC (HSBA.LN) (HSBA.LN) fell 2.8% and Lloyds Banking
Group PLC (LLOY.LN) (LLOY.LN) dropped 3.4%. Home builder group
Persimmon PLC (PSN.LN) fell 3%.
(END) Dow Jones Newswires
November 16, 2018 10:37 ET (15:37 GMT)
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