By Carla Mozee, MarketWatch
Blue-chip benchmark snaps weekly run of wins
LONDON (MarketWatch) -- U.K. stocks ended lower Friday a day
after the FTSE 100 notched a fresh record.
The FTSE 100 shed 0.7% to 6,911.80, with mining stocks extending
losses as prices for metals slid following better-than-expected
figures in the U.S. jobs report for February
(http://www.marketwatch.com/story/economy-gains-295000-jobs-in-february-2015-03-06).
The data sparked a surge in the U.S. dollar (DXY) against major
rivals, hurting dollar-denominated commodities such as copper,
platinum and gold.
Trading at the bottom of the FTSE 100, Randgold Resources Ltd.
fell 5.3%, and silver and gold miner Fresnillo PLC fell 5.2%.
Iron-ore producer Anglo American PLC declined 2.5%.
Also, the pound (GBPUSD) fell to $1.5064, down from $1.5242 late
Thursday, while the euro (EURUSD) dropped to a 12-year low. U.S.
stocks were also hit
(http://www.marketwatch.com/story/us-stocks-futures-waver-ahead-of-key-jobs-report-2015-03-06)(SPX)
(DJI) on concern the jobs report will prompt the Federal Reserve to
raise interest rates sooner than later.
Holding the top of the FTSE 100 were shares Weir Group PLC .
They jumped 4.3%, the best gain in a month, following British media
reports the energy-engineering group may be the target of a
takeover offer.
For the week, the FTSE 100 finished 0.5% lower, breaking a
streak of four weekly gains.
It was just on Thursday that the FTSE 100 logged its highest
close ever
(http://www.marketwatch.com/story/ftse-100-wobbles-as-aviva-rises-admiral-falls-boe-statement-on-tap-2015-03-05),
climbing alongside European stocks as the European Central Bank
said it will start its massive asset-purchase program on
Monday.
Citigroup analysts said the QE program was "significant
contributing factor" in its decision to raise targets on the Stoxx
Europe 600 . For the FTSE 100, Citi held its end-of-2015 target at
7,700.
"It is harder to be as constructive on growth or re-rating,
compared to the rest of Europe, and there is also near-term
political risk given the forthcoming General Election," in the U.K.
in May, said Citi analysts led by Jonathan Stubbs. Citi also
unveiled a 2016 target of 8,700 for the FTSE 100.
Topping the FTSE 250 on Friday, Thomas Cook Group PLC shares
surged 24.5% after China's Fosun International Ltd. agreed to buy a
5% stake in the travel services firm.
(http://www.marketwatch.com/story/ftse-100-wobbles-as-aviva-rises-admiral-falls-boe-statement-on-tap-2015-03-05)
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