By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks fell for the first time in
four days on Friday, with a drop in mining shares yanking the FTSE
100 into red territory.
The benchmark index fell 0.4% to close at 6,844.51, paring its
weekly gain to 0.4%. It rose 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 5.7%, their heaviest fall in
nearly two months. Rio Tinto PLC fell 4.1% and BHP Billiton PLC
(BHP) lost 3.7%. Silver and gold producer Fresnillo PLC gave up
3.5%.
But Smith & Nephew PLC shares were again among top
performers in the FTSE 100 as they rose 1.7%. 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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