LONDON MARKETS: FTSE 100 Slips As Miners Pull Back, But Barclays Pushes Higher

By Carla Mozee, MarketWatch

U.K. stocks slipped Thursday as miners pulled back, but Barclays PLC shares leapt as the bank returned to profit.

The FTSE 100 shed 0.1% at 7,296.64, with utility, basic material and consumer goods shares losing ground. The British blue-chip benchmark on Wednesday closed up 0.3% (http://www.marketwatch.com/story/ftse-100-gains-as-bank-shares-rise-led-by-lloyds-2017-02-22).

But Barclays shares (BCS) outperformed the broader market, climbing 3% as the lender swung to a full-year net profit of 1.6 billion pounds (http://www.marketwatch.com/story/barclays-swings-to-profit-as-overhaul-nears-end-2017-02-23) ($1.99 billion) and said it's now just months away from finishing its restructuring.

Banking gains: Most London-listed bank shares moved higher after a hefty week of earnings releases from the sector. Royal Bank of Scotland PLC (RBS.LN) (RBS.LN) gained 0.9%, and Lloyds Banking Group PLC shares (LLOY.LN) (LLOY.LN) rose 0.8%. The U.K. government said Thursday it's reduced its holding in Lloyds to below 4%. (http://www.marketwatch.com/story/uk-government-cuts-stake-in-lloyds-to-389-2017-02-23)

Asia-focused banks also gained. HSBC shares (HSBA.LN) (HSBA.LN) (HSBA.LN) picked up 0.3%. Standard Chartered PLC (STAN.LN) , whose results are due Friday, rose 0.4% after falling at the open.

See:5 reasons to invest in European stocks now (http://www.marketwatch.com/story/5-reasons-to-invest-in-european-stocks-now-2017-02-23)

Mining action: After initially dropping, Glencore PLC shares (GLEN.LN) reversed course and stepped up 1.2%. The metals producer swung to a yearly profit of $1.4 billion (http://www.marketwatch.com/story/glencore-swings-to-profit-as-commodity-prices-rise-2017-02-23), helped by higher commodity prices.

Shares of others miners fell as prices for copper and platinum lost ground. Antofagasta PLC (ANTO.LN) declined 1%, and Anglo American PLC (AAL.LN) shed 0.6%. Rio Tinto PLC (RIO) (RIO) (RIO) shares, which were trading without dividend rights Thursday, were down 0.9%.

Other movers: At the bottom of the FTSE 100 were shares of Centrica PLC (CNA.LN) , down 3%. The utility reported a 3% revenue decline (http://www.marketwatch.com/story/centrica-back-in-profit-after-cutting-jobs-costs-2017-02-23) as it took impairments against restructuring and sold assets, but it did swing to a yearly profit of GBP1.67 million.

The pound was buying $1.2460, compared with $1.2462 late Wednesday in New York.

The U.S. dollar declined overall after minutes from the Federal Reserve's most recent meeting indicated the central bank was poised to hike interest rates "fairly soon," (http://www.marketwatch.com/story/fed-minutes-many-on-fed-back-interest-rate-hike-fairly-soon-if-economy-stays-on-course-or-strengthens-2017-02-22) but expressed uncertainty about President Donald Trump's fiscal policies.

(END) Dow Jones Newswires

February 23, 2017 04:14 ET (09:14 GMT)

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