LONDON MARKETS: U.K. Stocks Pull Back, Led Lower By Drops For Miners

By Victor Reklaitis, MarketWatch

But Sports Direct's stock gains Mike Ashley takes over as CEO

U.K. stocks dipped on Friday as miners helped lead the way down, but stayed on track for a sizable weekly gain.

The FTSE 100 index fell 0.3% to 6,891.80, but that still left the blue-chip benchmark up 2.7% for the week. It closed 1.1% higher on Thursday (http://www.marketwatch.com/story/ftse-100-rallies-as-fed-keeps-interest-rates-on-hold-2016-09-22), rising for a fourth straight day as the U.S. Federal Reserve's decision to stand pat on rates inspired risk taking.

Miners in focus: Polymetal International PLC (POLY.LN) was the FTSE's biggest decliner, with the gold and silver miner's stocks falling 8.2%. The drop continued a reversal to the downside from Thursday, when shares closed up 1.2% after trading as much as 7% higher.

Other miners also were among the day's big losers, after mostly gaining Thursday as a weaker dollar boosted metals prices. The ICE U.S. Dollar Index was little changed on Friday, and gold prices were down moderately.

Fresnillo PLC's stock (FRES.LN) was 1.9% lower, and Randgold Resources Ltd. (RRS.LN) lost 1.5%.

Oil retreat: Energy stocks lost ground as well, as oil prices retreated. Analysts said investors were cashing in on gains (http://www.marketwatch.com/story/oil-prices-fall-as-investors-cash-in-on-gains-ahead-of-next-weeks-opec-meeting-2016-09-23), approaching next week's much-anticipated meeting of major oil producers with caution and skepticism.

BP PLC (BP.LN) fell 0.4%, while Royal Dutch Shell (RDSB.LN) edged down less than 0.1%.

Other movers: Sports Direct International PLC (SPD.LN) rose 3.6% after the embattled sportswear retailer's CEO, Dave Forsey, resigned. Founder Mike Ashley said he's taking the reins.

(END) Dow Jones Newswires

September 23, 2016 04:19 ET (08:19 GMT)

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