By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks fell Friday, with drop in
mining shares putting the FTSE 100 in line for its first loss in
four days.
The benchmark index fell 0.2% to 6,858.14, paring its weekly
decline to 0.6%. It's facing a 1.1% for May, during which it
reached its best closing level since 1999.
Miners were ranked among the session's sharpest decliners, as
iron-ore prices slumped and the metal looked set to log its sixth
monthly loss for a record run of declines. With iron ore below $96
per ton, the move "will make some names in the resource sector
unhappy," wrote Scott Schuberg, chief executive at Australia-based
Rivkin Securities, in a note Friday.
Anglo American PLC shares slid 3.4%, their heaviest fall in
nearly two months. Rio Tinto PLC fell 2.9% and BHP Billiton PLC
(BHP) lost 2.6%. Silver and gold producer Fresnillo PLC also traded
down, by 2.6%.
But Smith & Nephew PLC shares again topped the FTSE 100 as
they rose 2.4%. The shares have jumped nearly 10% since Wednesday
on speculation that the artificial-joint maker will land an
acquisition bid. Medical-device maker Stryker Corp.'s (SYK) chief
told Fox Business on Thursday that his company had worked on a
possible bid for its U.S. rival, but a formal offer hasn't
materialized.
Meanwhile, consumer confidence in the U.K. hit a nine-year high,
according to polling firm GfK, highlighting the view that the
British economy continues to improve.
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