LONDON MARKETS: FTSE 100 Drops, Facing Worst Week In More Than Three Years

By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- U.K. stocks pulled back Friday, with broad-based losses pushing the FTSE 100 benchmark toward its worst weekly drop in more than three years.

The FTSE 100 fell 1.4% to 6,370.10, on track for a fifth consecutive decline, to round off a week when oil prices tumbled to five-year lows and investors continued to fret about slower global growth. The London benchmark is set to be down 5.5% for the week, which would be the largest such drop since September 2011, according to FactSet.

Only six of the benchmark's components were moving higher, topped by utility companies United Utilities PLC and Severn Trent PLC , as they rose 2.7% and 0.7%, respectively.

Oil-services provider Petrofac Ltd. fell 3.9%, losing the most on the FTSE 100. Sector-wise, the basic materials and oil and gas groups were each down roughly 1.5%. Among miners, Randgold Resources PLC gave up 2.3% and Anglo American PLC declined 2.1%. Citi analysts said it foresees Anglo American's free cash flow in 2015 "will remain under pressure even if we see some recovery in commodity prices from here."

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