|Published : 15 Apr 2017, 14:12:24|
Miners, financials weigh heavily on London index
FE Online Desk
Miners and financials weighed most heavily on the London index with commodity prices in retreat while the weaker dollar and lower rates were seen as potentially harming banks’ profitability, according to a global media report.
Leading the week’s FTSE fallers were Anglo American, down 5.3 per cent to £11.70; Rio Tinto, losing 4.1 per cent to £31.21; and Antofagasta, off 3.9 per cent to 835p.
Sterling’s recovery heading towards the Easter break helped to erase the FTSE 100’s out performance against US and European markets. The London benchmark’s 0.3 per cent retreat to 7,327.59 for the holiday-shortened week was its third weekly reverse out of the past four since March’s all-time high.
The main benchmark index’s pre-Easter retreat could not halt the charge of the more domestically focused UK mid-caps - Thursday saw an eighth successive session of gains and another fresh record high.
Mediclinic was one of the week’s strongest FTSE 100 performers after the private hospitals operator eased investor nerves over its struggling Abu Dhabi facilities.
The group’s shares have shed about a third of their value since last July against a background of state subsidy cuts and staffing problems in the Middle East but rose 8.6 per cent to 759.5p this week.