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LONDON MARKETS: FTSE 100 Logs Back-to-back Record Highs, As G-20 Members Meet
Dow Jones News
By Carla Mozee, MarketWatch
Bob Diamond returns to U.K. investment banking via Panmure buyout deal
U.K. blue-chip stocks edged higher Friday, enough for the market to close at a second consecutive record high, as focus turned to the Group of 20 meeting of finance chiefs in Germany.
The FTSE 100 finished up 0.1% at 7,424.96. The oil and gas, telecom and consumer-goods sectors led the advance, but those moves were nearly offset by losses in financial, health-care and utility shares.
Still, the advance was sufficient to knock out Thursday's record of 7,415.95.
For the week, the FTSE 100 closed up 1.1%, the second weekly advance in three weeks.
G-20 talks: Investors moved with caution Friday as the G-20 meeting of finance ministers and central bankers from the world's largest economies kicked off in the German spa town of Baden-Baden.
"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 (http://www.marketwatch.com/story/trumps-dollar-paradox-could-fuel-trade-tensions-at-g-20-2017-03-17)
The pound bought $1.2387, up from $1.2361 late Thursday in New York. The U.K. currency recaptured the $1.23 handle 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% (http://www.marketwatch.com/story/bank-of-england-votes-8-1-to-hold-key-rate-at-025-2017-03-16).
Stock movers: Capturing attention Friday was AIM-listed Panmure Gordon & Co. PLC (PMR.LN) as its shares rocketed up 65% to 98 pence. The surge came after the stockbroker accepted a GBP15.5 million ($19.2 million) cash buyout offer (http://www.marketwatch.com/story/bob-diamond-back-in-uk-banking-via-deal-2017-03-17) from former Barclays PLC Chief Executive Bob Diamond and a Qatari investment group.
After hefty gains Thursday, miners listed on the FTSE 100 closed mixed on Friday. Fresnillo PLC (FRES.LN) notched a 0.1% gain, reversing earlier losses to keep a six-session winning streak alive. But fellow precious metals producer Randgold Resources PLC (RRS.LN) ended lower by 0.4%.
Insurer Admiral Group PLC (ADM.LN) and ConvaTec Group (CTEC.LN), which makes dressings to cover wounds, topped the blue-chips index as shares of each closed up 1.9%.
The yield on the 10-year gilt rose 1 basis points to 1.24%, according to electronic-trading platform Tradeweb.
(END) Dow Jones Newswires
March 17, 2017 13:26 ET (17:26 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.
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