Name Symbol Market Type
FTSE 100 FTSE:UKX FTSE Indices Index
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  +0.00 +0.00% 7,323.98 - - - 0 05:00:08

LONDON MARKETS: FTSE 100 Clings Onto Record High Ahead Of G-20 Meeting

17/03/2017 9:32am

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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 ( 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 ( 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 (

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% (

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 ( 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)

Copyright (c) 2017 Dow Jones & Company, Inc.

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