LONDON MARKETS: U.K. Stocks Set For Losing Week As Brexit Turmoil Continues

By Barbara Kollmeyer, MarketWatch

AstraZeneca, HSBC among the heavyweight losers

London's main stock index fell 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 closed down 0.3% to 7,013.88, logging a weekly loss of 1.3%.

The British pound was last trading at $1.2837, up from $1.2774 seen late Thursday. 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. But the index has been chiefly whipped around this week by turmoil in the wake of 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 3.4% 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 continued to lose ground Friday. HSBC Holdings PLC (HSBA.LN) (HSBA.LN) fell 2.3% 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 11:58 ET (16:58 GMT)

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