LONDON (ShareCast) - Miners and financial stocks were bearing the brunt of the bearish mood on markets on Friday as investors cut positions in riskier assets on concerns over the US economy. However, Randgold Resources was bucking the trend as gold prices advanced following heavy losses this week.
Banks were under the weather after a new report said that government plans to create a ‘ring fence’ between banks’ retail and investment operations fall well short of what is required. The Parliamentary Commission on Banking Standards has called on the government to "electrify" the ring fence to stop banks taking advantage of loopholes. Lloyds and Barclays were both under the weather.
ENRC was being weighed down by a ratings cut by Goldman Sachs to 'neutral' this morning. Meanwhile, insurance giant Aviva fell after selling Aviva USA Corporation - its life, annuities and asset management business - to life insurance holding company Athene Holiding for $1.8bn.
Xstrata was broadly flat despite saying that it is set to boost ore production by a further third at its Lady Loretta mine in north-west Queensland, Australia.
BAE Systems fell as investors shrugged off a £2.5bn deal with the government of Oman to supply of Typhoon and Hawk Advanced JetTrainer aircraft. This comes two days after the company warned that full-year underlying earnings could be hit by three pence per share if it cannot agree on pricing on a large Saudi Arabian Typhoon aircraft contract.
Water providers Severn Trent, United Utilities and Pennon were making gains after regulator Ofwat backed down over changes to water company licences.
Carnival was a high riser too, rebounding after a heavy fall yesterday when the cruise company reported a fall in full-year revenues after what it called its most challenging year ever.
FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 6,110.00p +2.43%
Carnival (CCL) 2,447.00p +2.34%
Severn Trent (SVT) 1,592.00p +1.47%
Polymetal International (POLY) 1,174.00p +1.29%
United Utilities Group (UU.) 680.50p +0.96%
Reckitt Benckiser Group (RB.) 3,941.00p +0.82%
British American Tobacco (BATS) 3,130.00p +0.64%
International Consolidated Airlines Group SA (CDI) (IAG) 187.00p +0.54%
Weir Group (WEIR) 1,872.00p +0.48%
Smiths Group (SMIN) 1,185.00p +0.34%
FTSE 100 - Fallers
Evraz (EVR) 256.00p -4.12%
Prudential (PRU) 872.50p -2.57%
Lloyds Banking Group (LLOY) 48.22p -2.10%
Burberry Group (BRBY) 1,223.00p -1.92%
Diageo (DGE) 1,814.50p -1.84%
Barclays (BARC) 262.35p -1.67%
BAE Systems (BA.) 343.10p -1.41%
BT Group (BT.A) 239.20p -1.32%
Melrose Industries (MRO) 228.70p -1.29%
Compass Group (CPG) 733.00p -1.28%
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